KUALA LUMPUR, Sept 17 (Bernama) -- Bursa Malaysia ended the morning session higher, ahead of the US Federal Reserve’s (Fed) interest rate decision tomorrow, with sentiment lifted by rising expectations for an oversized rate cut.
At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 11.58 points, or 0.7 per cent, to 1,663.73 from last Friday’s close of 1,652.15
The benchmark index opened 2.16 points firmer at 1,654.31 and moved between 1,651.55 and 1,664.99 throughout the morning trading session.
Gainers led decliners 483 to 435, with 404 counters unchanged, 1,183 untraded and seven suspended.
Turnover stood at 1.94 billion units worth RM1.70 billion.
Malacca Securities Sdn Bhd said traders appeared to be pricing in a potential 50 basis points interest rate cut by the Fed, aimed at steering the US economy towards a soft landing.
“This week, traders will (also) be focusing on US retail sales and the buying momentum may extend on the local front,” it said, adding that the Nasdaq's softer performance, combined with the stronger ringgit at RM4.298 per US dollar, might negatively impact sentiment in the technology sector.
“However, the strong ringgit could support domestic sectors such as consumer and utilities. Additionally, we see potential in construction, property, and building materials, as earnings from data centre projects may start to materialise moving forward,” the brokerage added.
Among heavyweight stocks, CIMB jumped 21 sen to RM8.37, TNB added 10 sen to RM14.88 while IHH Healthcare surged 31 sen to RM7.09. Hong Leong Bank gained eight sen to RM21.28, Maybank was flat at RM10.64 and Public Bank declined one sen to RM4.69.
As for the active counters, Top Glove surged 22.5 sen to RM1.14, Careplus added five sen to 31 sen and Supermax bounced 13 sen to 92 sen. Kossan rallied 36 sen to RM2.19, Sarawak Consolidated edged up half-a-sen to 25 sen and MYEG rose 1.5 sen to 91.5 sen. Hartalega was close to limit-up, surging 29.75 per cent, or 72 sen, to RM3.14.
On the index board, the FBM Emas Index climbed 103.69 points to 12,406.0, the FBM Emas Shariah Index bagged 142.31 points to 12,258.12 and the FBMT 100 Index widened by 108.89 points to 12,125.19. The FBM 70 Index surged 249.04 points to 17,530.92, while the FBM ACE Index eased 5.78 points to 5,078.46.
By sector, the Financial Services Index gained 68.01 points to 19,619.11, the Industrial Products and Services Index edged up 1.11 points to 176.26, the Energy Index fell 0.91 of-a-point to 861.80 and the Plantation Index ticked up 2.26 points to 7,182.99.
-- BERNAMA
