Bursa Malaysia Lower At Midday On Lack Of Positive Sentiment
KUALA LUMPUR, June 19 (Bernama) -- Bursa Malaysia extended its downtrend to close the morning session lower at midday as profit-taking continued amidst a lack of positive market sentiment, analysts said.
At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.58 per cent, or 8.77 points lower at 1,5103.18 from Wednesday’s close of 1,511.95.
The benchmark index opened 0.99 of-a-point higher at 1,512.94 and fluctuated between 1,501.68 and 1,512.94 throughout the morning session.
The broader market was negative, with 609 decliners outnumbering 218 gainers. Another 392 counters were unchanged, while 1,204 were untraded and 11 suspended.
Turnover stood at 1.80 billion shares worth RM765.04 million.
Meanwhile, Malacca Securities Sdn Bhd said that it continues to maintain a positive stance on the utility, construction and solar sectors following Tenaga Nasional Bhd’s (TNB) RM43 billion commitment to upgrade the national grid.
It opined that TNB's stance was driven by the rising data centre demand and the country’s renewable energy transition.
Malacca Securities said the FBM KLCI continued to hover below the moving average (MA) lines, with technical indicators showing signs of slowing down.
"The moving average convergence/ divergence (MACD) histogram turned negative, while the relative strength index (RSI) is pointing downward.
“Resistance level for the FBM KLCI is anticipated around 1,526 to 1,531 points, while support is located at 1,491 to 1,496 points,” said the stockbroking company in a note today.
Among the heavyweights, Maybank shed 4.0 sen to RM9.58, Tenaga and IHH Healthcare remained unchanged at RM14.22 and RM6.85, respectively, Public Bank slipped 3.0 sen to RM4.21, and CIMB declined 5.0 sen to RM6.85.
On the most active stocks, PUC shed half-a-sen to 2.5 sen, SNS Network Technology gained 1.5 sen to 55 sen, Tanco and MYEG slid 1.5 sen each to 96.5 sen and 91.5 sen respectively, and Borneo Oil dropped half-a-sen to half-a-sen.
On the index board, the FBM Emas Index reduced 64.15 points to 11,237.65, the FBMT 100 Index lost 61.38 points to 11,018, and the FBM Emas Shariah Index fell 64.07 points to 11,246.27.
The FBM 70 Index gave up 78.11 points to 16,122.68, and the FBM ACE Index was 44.98 points easier at 4,396.36.
By sectors, the Plantation Index trimmed 28.41 points to 7,209.63, and the Energy Index decreased by 6.82 points to 733.79.
The Financial Services Index shrank 84.56 points to 17,336.87, and the Industrial Products and Services Index edged down 1.80 points to 148.26.
-- BERNAMA