Bursa Malaysia Higher At Midday, Lifted By Utilities, Financial Stocks

KUALA LUMPUR, June 26 (Bernama) -- Bursa Malaysia ended the morning session higher, supported by persistent buying support and bargain-hunting activities in selected heavyweights, led by the utilities and financial services stocks. 

For the utilities stocks, YTL Corp added nine sen to RM3.38, and YTL Power International gained 12 sen to RM4.79, while for the financial services counters, CIMB increased eight sen to RM6.76 and Maybank strengthened five sen to RM9.96. 

These counters contributed 5.84 points to the composite index. 

At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 0.28 per cent or 4.44 points to 1,589.82 compared to Tuesday's close of 1,585.38. 

The benchmark index had opened 1.01 points better at 1,586.39 and moved between 1,581.76 and 1,590.74 throughout the morning session.

On the broader market, gainers surpassed decliners 534 to 395, while 476 counters remained unchanged, 1,040 were untraded, and 45 others were suspended.

Turnover amounted to 2.81 billion units worth RM1.53 billion.

Stockbroking firm Malacca Securities Sdn Bhd said traders are monitoring the United States (US) personal consumption expenditures data this week for more clues on the Federal Reserve's interest rates direction. 

“Given the Wall Street rebound led by Nvidia, we believe bargain-hunting activities should emerge for our technology stocks with the ongoing data centre, artificial Intelligence and cloud services catalysts. 

“Besides, we like the defensive characteristic of consumer stocks after the recent pullback in the markets and potentially raking in higher revenue and earnings under an inflationary environment," it said in a research note. 

Meanwhile, the shipping industry may get attention as the supply chain could be under strain again.

Among the heavyweights, Tenaga Nasional dropped eight sen to RM13.92, IHH Healthcare and Press Metal Aluminium eased one sen each to RM6.27 and RM5.78, respectively. 

Public Bank added three sen to RM4.03, and Petronas Chemicals was flat at RM6.49.  

On active stocks, Ingenieur Gudang and Techna-X were flat at 6.5 sen and 37.5 sen, respectively. 

JCY International gained 4.5 sen to 74 sen, SBH Marine advanced 3.5 sen to 32 sen, and MY E.G. slipped two sen to RM1.02. 

On the index board, the FBM Emas Index gained 41.74 points to 12,200.11, the FBMT 100 Index increased 34.06 points to 11,783.74, the FBM Emas Shariah Index perked up 19.57 points to 12,545.48, the FBM 70 Index climbed 55.43 points to 17,774.87, and the FBM ACE Index was 77.79 points higher at 5,698.92.

Sector-wise, the Financial Services Index gained 98.79 points to 17,452.31, and the Industrial Products and Services Index edged 0.36 of-a-point up to 196.50.

However, the Energy Index erased 0.12 of-a-point to 953.41, and the Plantation Index slipped 22.72 points to 6,985.40.

Additionally, Bursa Malaysia Securities Bhd announced the shares transfer of Hextar Industries Bhd from ACE Market to the Main Market under the industrial products and services sector, effective 9 am on June 28, 2024. 

It said the stock short name and stock number remain unchanged (HEXIND - 0161) with the transfer.

-- BERNAMA