FBM KLCI Higher At Midday As US Fed Rate Cut Boosts Sentiment
KUALA LUMPUR, Dec 11 (Bernama) -- Bursa Malaysia traded higher in the morning session, supported by improved sentiment following the US Federal Reserve’s rate cut and in line with overnight gains on Wall Street.
At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) improved 7.00 points, or 0.43 per cent, to 1,618.00, compared with Wednesday’s close of 1,611.00.
The benchmark opened 1.86 points higher at 1,612.86 and moved between 1,609.96 and 1,618.00 through the morning.
Across the broader market, decliners led gainers 516 to 403, with 477 counters unchanged, 1,362 untraded and 16 suspended.
Turnover stood at 2.02 billion shares worth RM1.14 billion.
In a note today, Malacca Securities Sdn Bhd said Wall Street rose on Wednesday after the Fed delivered its third rate cut of 25 basis points (bps) this year. However, policymakers signalled uncertainty over the path ahead.
“The move drew three dissents, with two members favouring a pause, and one preferred a 50 basis points cut, underscoring growing divisions within the Federal Open Market Committee (FOMC).
“Markets also turned their attention to President Donald Trump’s upcoming final-round interviews for the next Fed Chair,” it said.
Meanwhile, the securities firm said it expects the FBM KLCI to rebound today, with the consumer and financial sectors likely to benefit.
Among heavyweight stocks, Maybank added six sen to RM10.18, Public Bank improved four sen to RM4.41, CIMB Group rose 11 sen to RM7.93, Tenaga Nasional was unchanged at RM12.74, while IHH Healthcare slipped five sen to RM8.35.
On the active list, Borneo Oil was flat at half-a-sen, BMS Holdings climbed two sen to 21 sen, VS Industry gained two sen to 52 sen, Gamuda declined 28 sen to RM4.85, and Pharmaniaga inched up 1.5 sen to 25 sen.
Top gainers included Kuala Lumpur Kepong, up 30 sen to RM19.50, Westports added 19 sen to RM5.64, ITMAX advanced 17 sen to RM4.70, Telekom Malaysia was 16 sen higher to RM7.88, and SD Guthrie rose by 16 sen to RM5.42.
Among top decliners, Nestle shed 40 sen to RM114.60, Malaysian Pacific Industries fell 24 sen to RM31.94, Petronas Gas eased 18 sen to RM17.08, VSTECS was 13 sen lower to RM3.92, and PGF Capital declined nine sen to RM1.85.
On the index board, the FBM Emas Index rose 32.56 points to 11,949.47, the FBM Emas Shariah Index improved 8.77 points to 11,797.65, the FBMT 100 Index added 38.13 points to 11,739.40, while the FBM ACE Index slipped 20.94 points to 4,710.18, and the FBM 70 Index eased 1.99 points to 16,649.08.
By sector, the Financial Services Index surged 135.83 points to 19,054.23, the Plantation Index strengthened 88.71 points to 8,151.54, and the Energy Index added 2.99 points to 760.42. In comparison, the Industrial Products and Services Index edged down 0.17 points to 166.82.
-- BERNAMA
