Financial Stocks Lift Bursa Malaysia Slightly Higher At Midday

KUALA LUMPUR, June 20 (Bernama) -- Bursa Malaysia ended the morning session slightly higher as buying support in selected heavyweights led by financial stocks lifted the benchmark index, analysts said.

At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.22 per cent, or 3.35 points higher at 1,504.79 from Thursday’s close of 1,501.44.

The benchmark index opened 0.50 of-a-point lower at 1,500.94 and moved between 1,500.04 and 1,505.16 throughout the morning session.

However, the broader market was negative, with 438 decliners outpacing 231 gainers, while 442 counters were unchanged, 1,313 untraded and 25 suspended.

Turnover stood at 1.14 billion shares worth RM662.29 million.

Malacca Securities Sdn Bhd said it anticipates that real estate investment trusts (REITs), considered a defensive sector, will continue to perform well, supported by the sector’s healthy average dividend yield of over five per cent. 

"Meanwhile, the benchmark index formed a bearish candlestick and remained below the moving average lines, with technical indicators pointing to signs of further weakness.

"Resistance is observed around 1,516 to 1,521 points, while support is seen at 1,481 to 1,486 points," the stockbroking company said in a note.

On the external front, ActivTrades trader Anderson Alves noted that any potential talks between the US and Iran would likely provide strong support for risk assets heading into the weekend.

Among the financial services heavyweights, CIMB gained 11 sen to RM6.69, RHB Bank climbed 8.0 sen to RM6.32, Hong Leong Bank gained 16 sen to RM19.56, and Maybank was 7.0 sen firmer at RM9.67.

For other heavyweights, Axiata added 3.0 sen to RM2.11, Kuala Lumpur Kepong ticked up 24 sen to RM19.96, and Tenaga was flat at RM14.22. 

Among the most active stocks, PUC added half-a-sen to 2.5 sen, Astro Malaysia shed 1.5 sen to 16 sen, Pavilion REIT was 2.0 sen weaker at RM1.52, Pan Malaysia Corporation remained unchanged at 12 sen, and Tanco eased half-a-sen to 95 sen. 

On the index board, the FBM Emas Index climbed 8.71 points to 11,232.45, the FBMT 100 Index increased 13.77 points to 11,017.78, but the FBM Emas Shariah Index declined 33.46 points to 11,199.43.

The FBM 70 Index lost 22.66 points to 16,070.79 and the FBM ACE Index dropped 30.77 points to 4,384.28.

By sector, the Financial Services Index soared 141.37 points to 17,471.52 and the Industrial Products and Services Index slid 0.67 of-a-point to 147.57.

The Plantation Index slid 25.55 points to 7,193.06 and the Energy Index declined by 2.00 points to 737.65.

-- BERNAMA