Bursa Malaysia erases early loses to end marginally higher at midday

28 Jul 2023 01:26pm
Picture for illustrative purposes - FILE PIX
Picture for illustrative purposes - FILE PIX
KUALA LUMPUR - Bursa Malaysia shook off early losses to end marginally higher at lunch break, as buying interest interspersed with selling in selected heavyweights.

At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 0.95 of-a-point to 1,452.22 from 1,451.27 at yesterday’s close.

The key index opened 3.06 points lower at 1,448.21 and moved between 1,446.46 and 1,454.24 throughout the session.

However, the broader market was negative as decliners trounced advancers 448 to 318, while 385 counters were unchanged, 1,155 untraded and 71 others suspended.

Turnover stood at 1.64 billion units worth RM949.41 billion.

In a note today, Malacca Securities Sdn Bhd said the local bourse remained upbeat following the launch of the Madani Economy framework and the National Energy Transition Roadmap (NETR) to boost the economy.

"We reckon that the cash and credit handouts under the Madani Economy may provide a boost to the consumer products and services sector. The property development sector will be spurred by RM5.00 billion of loan schemes to facilitate first-home purchases.”

Meanwhile, it said the launch of NETR may drive trading interest for renewable energy-related stocks.

Among the heavyweights, Public Bank added three sen to RM4.14, Petronas Chemicals rose five sen to RM6.86, while Maybank, CIMB and Tenaga Nasional were all flat at RM8.99, RM5.50 and RM9.60 respectively.
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Of the actives, KNM Group rose half-a-sen to nine sen, UEM Sunrise perked 1.5 sen to 50 sen, Capital A and AT Systematization were both unchanged at 91.5 sen and one sen respectively, while Hong Seng Consolidated shed half-a-sen to eight sen.

On the index board, the FBM 70 Index climbed 12.68 points to 13,964.40, the FBM Emas Index increased 6.98 points to 10,668.36, the FBMT 100 Index was 7.39 points higher at 10,356.55, while the FBM Emas Shariah Index eased 1.40 points to 10,928.06, and the FBM ACE Index trimmed 28.21 points to 5,303.33.

Sector-wise, the Financial Services Index added 29.00 points to 16,193.88 and the Industrial Products and Services Index inched up 0.63 of-a-point to 167.73, while the Plantation Index fell 48.66 points to 7,156.89, and the Energy Index shed 2.85 points to 833.84 - BERNAMA