Bursa Malaysia Stays Higher At Midday

KUALA LUMPUR, Aug 12 (Bernama) -- Bursa Malaysia stayed higher at midday supported by news on the United States’ (US) extension of its 90-day tariff truce with China until Nov 10, lifting market sentiment.

At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.96 points, or 0.19 per cent, to 1,566.20 from yesterday’s close of 1,563.24.

The benchmark index had opened 1.41 points lower at 1,561.83 and moved between 1,561.83 and 1,572.97 throughout the session.

However, market breadth was negative with 454 losers outpacing 404 gainers, while 441 counters were unchanged, 1,222 untraded and eight suspended.

Turnover stood at 1.58 billion units worth RM1.06 billion.

According to a Malacca Securities research note today, traders are awaiting key US inflation data while monitoring an upcoming Trump-Putin meeting in Ukraine.

“With little progress towards de-escalating trade tensions, Wall Street began the week on a negative tone. In view of a slight pullback on Wall Street, we expect profit-taking activities to emerge on the local front,” it said. 

On the US consumer price index (CPI) report due to be released tonight, consensus estimates have pegged the headline and core CPI at a much higher rate of 2.8 per cent and 3.0 per cent in July, up from 2.7 per cent and 2.9 per cent in June.

The US inflation data will dictate the Federal Reserve's stance on possible rate cuts.

Meanwhile, Malacca Securities believes the technology sector may stay in focus on the back of key investment of US$100 billion by Apple Inc in the US, which may provide a boost for Inari Amertron Bhd and Frontken Corp Bhd.

Among the heavyweights, Maybank added 6.0 sen to RM9.71, Public Bank increased 1.0 sen to RM4.41, and CIMB went up 2.0 sen to RM6.96, while Tenaga Nasional eased 10 sen to RM13.56 and IHH Healthcare was 8.0 sen weaker at RM6.88. 

In active trade, Classita added 1.0 sen to 10 sen, NexG was 2.0 sen higher at 39.5 sen, Zetrix AI and Tanco eased half-a-sen to 89 sen and 74 sen respectively, and TWL inched up half-a-sen to 3.0 sen.

Across the broader market, the FBM Emas Index strengthened 19.45 points to 11,666.58, the FBMT 100 Index climbed 17.55 points to 11,447.27, the FBM Emas Shariah Index put on 7.51 points to 11,655.18, the FBM ACE Index decreased 13.79 points to 4,606.43, and the FBM Mid 70 Index advanced 7.55 points to 16,603.19.

By sector, the Financial Services Index expanded 76.0 points to 17,803.83, the Plantation Index gained 63.68 points to 7,527.76, the Industrial Products and Services Index firmed by 1.05 points to 159.83, and the Energy Index ticked up 1.65 points to 737.01.

-- BERNAMA