BURSA MALAYSIA RETREATS AT MIDDAY AFTER EXTENDED RALLY EARLIER

KUALA LUMPUR, July 16 (Bernama) -- Bursa Malaysia retreated further at midday trading on profit-taking activities after an extended rally this morning, alongside mixed performance in regional markets. 

At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 3.90 points to 1,625.92 from Monday’s close of 1,629.82.

The index opened 1.91 points higher at 1,631.73 and fluctuated between 1,625.70 and 1,633.97 during the morning session. 

On the broader market, decliners outnumbered gainers 680 to 382, with 477 counters unchanged, 910 untraded, and six suspended. 

Total turnover amounted to 2.81 billion units valued at RM1.69 billion.

Meanwhile, Malacca Securities Sdn Bhd said that investors would be monitoring the release of the United States retail sales today, alongside industrial production data on Thursday and unemployment claims on Friday.

Furthermore, it said more buying interest was seen in smaller-cap construction stocks due to the expectation of more job awards following recent data centre investments by multinational companies.

“We believe that the spillover buying support could be seen in property, building materials, utilities, and technology stocks.

“The recent gazetting of the Cyber Security Act 2024 by the Attorney General’s Chambers could boost demand for cybersecurity stocks,” said Malacca Securities, adding that other favourable segments to monitor include financials and telecommunications (telco).

Regionally, Japan's Nikkei 255 rose 0.45 per cent to 41,287.89, South Korea's Kospi Composite Index was up 0.16 per cent to 2,865.46, Singapore’s Straits Times Index declined 0.21 per cent to 3,490.76, and Hong Kong’s Hang Seng Index edged down by 1.34 per cent to 17,773.95. 

Back home, Bursa Malaysia’s heavyweights SD Guthrie advanced nine sen to RM4.30, Public Bank was flat at RM4.13, Maybank fell two sen to RM10.12, TNB declined four sen to RM14.44, CIMB shed three sen to RM7.15 and IHH Healthcare gave up one sen to RM6.33. 

Among the active counters, Bintai Kinden rose 2.5 sen to 14 sen, MLabs grew five sen to 25.5 sen,  WCT strengthened six sen to RM1.17, Velesto gained one sen to 24 sen, Talam Transport was flat at 2.5 sen, XOX slid half-a-sen to one sen and MYEG decreased one sen to RM1.

On the index front, the FBM Emas Index depreciated 28.92 points to 12,603.89, the FBMT 100 Index went down 26.72 points to 12,174.56, the FBM Emas Shariah Index erased 26.72 points to 12,174.56, the FBM 70 Index contracted 32.26 points to 18,817.68, and the FBM ACE Index reduced 48.09 points to 5,974.64. 

Sector-wise, the Financial Services Index weakened 38.21 points to 17,902.06, the Industrial Products and Services Index eased 0.68 of-a-point to 200.98, the Plantation Index perked up 32.90 points to 6,996.53 and the Energy Index firmed 3.55 points to 974.62. 

-- BERNAMA