Stocks On Bursa Malaysia Mixed At Lunch Break

KUALA LUMPUR, Sept 9 (Bernama) -- Stocks on Bursa Malaysia turned mixed at lunch break, with the key index losing 0.11 per cent while the wider market remained in positive territory, with investors focused on the US Federal Reserve’s rate-cut trajectory.

At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) trimmed 1.87 points to 1,583.72 from Monday’s close of 1,585.59.

The index opened 1.39 points firmer at 1,586.98 and traded between 1,582.57 and 1,587.53 during the morning session.

Market breadth was positive, with 424 winners beating 398 decliners, while 495 counters were unchanged, 1,276 untraded and eight suspended.

The turnover volume was 1.89 billion units worth RM1.20 billion.

Quoting a report, Apex Securities Bhd in a research note said following the weaker-than-expected United States’ August jobs report, futures now imply an 88 per cent probability of a 25-basis-point (bp) cut at the September Federal Open Market Committee meeting, with a 12 per cent chance of a larger 50-bp move.

“The US CPI release on Thursday will be closely watched, with a softer reading likely to reinforce expectations of a more aggressive easing cycle,” it said.

Domestically, Apex Securities expects some volatility in the FBM KLCI, tracking Wall Street’s swings. There are expectations of lower US interest rates to underpin the ringgit and support capital flows into local markets.

“That said, a stronger-than-expected US inflation reading could rekindle stagflation concerns and weigh on sentiment,” it added.

Among the heavyweights, Maybank added two sen to RM10.02, CIMB was down 10 sen to RM7.17 and Tenaga Nasional trimmed 14 sen to RM13.18. Public Bank, IHH Healthcare, CelcomDigi and Petronas Gas were all flat at RM4.28, RM6.92, RM3.68 and RM18.54, respectively.

In active trade, Pharmaniaga added two sen to 21.5 sen, Zetrix AI and Velesto both lost half-a-sen to 85.5 sen and 21 sen, Tanco eased 3.5 sen to 77.5 sen and BCM Alliance was flat at half-a-sen.

Among the decliners, Malaysia Pacific Industries was 28 sen lower at RM27.80, Allianz was down 18 sen to RM17.80, Vitrox reduced 17 sen to RM3.62 and Petronas Dagangan and United Plantations dropped 12 sen to RM22.02 and RM22.48, respectively. 

On the broader index board, the FBM Emas Index erased 12.10 points to 11,749.92, the FBMT 100 Index trimmed 13.27 points to 11,513.97, and the FBM Emas Shariah Index was down 3.70 points to 11,731.85.

The FBM 70 Index edged down 17.49 points to 16,429.97 while the FBM ACE Index was 38.10 points weaker at 4,730.86.

By sector, the Industrial Products and Services Index edged up 0.46 points to 165.21, the Plantation Index rose 14.82 points to 7,651.18, and the Energy Index grew 0.25 of a point to 740.57.

The Financial Services Index shaved 39.41 points to 18,086.42.

-- BERNAMA