Bursa Malaysia Recoups Earlier Losses, Turns Marginally Higher At Midday

KUALA LUMPUR, Aug 8 (Bernama) -- Bursa Malaysia recouped earlier losses to end slightly higher at the lunch break amid choppy trading as buying interspersed with selling in heavyweights. 

At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 0.16 of-a-point or 0.01 per cent, to 1,592.03 from Wednesday’s close of 1,591.87.

The index opened 5.91 points lower at 1,585.96 and moved between 1,579.69 and 1,592.89 during the morning session.

However, on the broader market, losers surpassed gainers 575 to 395, while 445 counters were unchanged, 1,028 untraded, and nine others suspended. 

Total turnover amounted to 2.66 billion units valued at RM1.52 billion.

According to Malacca Securities Sdn Bhd, although the market remains concerned over the yen reverse carry trade incident, buying interest is expected to build up given the less hawkish Bank of Japan statement.

“Despite the negative overnight Wall Street performance, we believe the accumulation zone is near if there is another selling pressure on the local front,” it said in a note today. 

It said stocks within the construction, property, and technology sectors were benefiting from the data centre secular theme amid oversold conditions.

“Additionally, we like the finance sector as it provides a decent dividend yield during the current sell-off phase.

“In view of the stronger ringgit environment, we also favour the consumer sector,” it added. 

Among the heavyweights, Maybank and Tenaga Nasional remained unchanged at RM10.14 and RM13.94, respectively, Public Bank and Petronas Chemicals shed one sen each to RM4.23 and RM5.14 respectively, while CelcomDigi added three sen to RM3.68. 

Of the actives, Cape EMS widened 5.5 sen to 49 sen, Sealink gained one sen to 37 sen, Saudee and Hubline flat at two sen and 37 sen, respectively, while Ekovest fell 1.5 sen to 39.5 sen. 

On the index board, the FBM Emas Index depreciated 7.10 points to 12,094.60, the FBMT 100 Index dropped 5.23 points to 11,745.57, the FBM ACE Index narrowed 5.89 points to 5,211.58, the FBM 70 Index slid 31.61 points to 17,516.75, while the FBM Emas Shariah Index firmed 0.14 of-a-point to 12,214.85.

Sector-wise, the Energy Index was 1.41 points better at 913.00, the Industrial Products and Services Index lifted 0.82 of-a-point to 178.76, the Construction Index inched down by 3.97 points to 276.10, the Utilities Index was down 2.27 points to 1,755.87, the Financial Services Index declined 26.25 points to 18,034.56 and the Plantation Index eased 12.46 points to 7,037.05.

-- BERNAMA