FBM KLCI ENDS MORNING SESSION HIGHER

KUALA LUMPUR, July 19 (Bernama) -- SD Guthrie and Press Metal helped to lift Bursa Malaysia's key index higher at midday despite the overall weak market breadth. 

SD Guthrie jumped 27 sen or 3.10 per cent to RM4.57 and Press Metal advanced nine sen to RM5.59.

At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.27 points to 1,637.08 from Thursday's close of 1,633.81

The index opened 0.25 of-a-point higher at 1,634.06 and fluctuated between 1,632.53 and 1,638.27 throughout the trading session.

Losers outnumbered gainers 654 to 380, with 510 counters unchanged, 914 untraded, and 16 others suspended.

Total turnover amounted to 2.67 billion units valued at RM1.48 billion.

Malacca Securities Sdn Bhd said that given Wall Street's softer performance, profit-taking activities could spill over to local technology stocks.

"However, we expect this to be a decent buy-on-dip opportunity, with traders looking into stocks within the construction, utilities, building materials, technology and property sectors.

"We also favour selected stocks in the shipping industry amid ongoing tension in the Red Sea region, while defensive plays could be seen in the consumer sector,” it said in a research note today.

Bursa Malaysia's Technology Index fell 0.46 of-a-point to 77.36. 

Meanwhile, the Department of Statistics today announced that Malaysia's economy is estimated to expand by 5.8 per cent in the second quarter of 2024, up from 4.2 per cent in the first quarter and the highest since the 7.4 per cent in the fourth quarter of 2022. 

For the first half of 2024, chief statistician Datuk Seri Mohd Uzir Mahidin said gross domestic product is deemed to increase by 5.0 per cent versus 4.1 per cent a year ago.

Other heavyweights, Tenaga Nasional gained two sen to RM14.46, Petronas Chemicals added one sen to RM6.05, Press Metal appreciated nine sen to RM5.59, Maybank and CIMB were flat at RM10.10 and RM7.15, while Public Bank and IHH Healthcare shed one sen to RM4.24 and RM6.33. 

Active counters included Alpha IVF which increased one sen to 33.5 sen, Sarawak Consolidated rose 2.5 sen to 30.5 sen, JAKS was flat at 19 sen, Ekovest and MYEG eased one sen to 56.5 sen and 99 sen while Hubline inched down half-a-sen to 9.5 sen. 

On the index front, the FBM Emas Shariah Index bagged 9.37 points to 13,062.66, the FBM Emas Index dwindled 1.28 points to 12,675.14, the FBMT 100 Index trimmed 1.57 points to 12,245.11, the FBM 70 Index erased 97.25 points to 18,879.45, and the FBM ACE Index slid 21.24 points to 5,977.86.   

Sector-wise, the Plantation Index surged 119.28 points to 7,220.68, the Industrial Products and Services Index rose 0.61 of-a-point to 197.44, the Energy Index was up by 2.42 points to 974.68 and the Financial Services Index dropped 40.40 points to 17,959.83.

-- BERNAMA