Bursa Malaysia Lower At Midday Amid Cautious Sentiment, Heavyweight Selling

KUALA LUMPUR, May 30 (Bernama) -- Bursa Malaysia was lower at midday, dragged down by selling in selected utilities, consumer products and services heavyweight counters, amid lingering cautious sentiment surrounding global trade tariffs.

At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased by 1.30 points, or 0.08 per cent,  to 1,517.68 from Thursday’s close of 1,518.98.

The benchmark index opened 2.24 points higher at 1,521.22, fluctuating between 1,513.42 and 1,522.06 throughout the morning session.

On the broader market, decliners thumped gainers 559 to 258, while 363 counters were unchanged, 1,214 untraded and 86 suspended.

Turnover stood at 1.55 billion units worth RM1.27 billion.

Hong Leong Investment Bank Bhd, in a note today, said sentiment remained fragile amid persistent foreign outflows, earnings headwinds, and speculation over a potential cabinet reshuffle following the resignations of the minister of economy and the minister of natural resources and environmental sustainability.

“Adding to the cautious tone are renewed concerns over a tariff-driven global slowdown and ongoing legal tussles surrounding US President Donald Trump’s trade policies, which could weigh on market confidence and pressure Malaysia’s growth and earnings outlook,” it said.

It was reported that Trump’s reinstatement of tariffs, upheld by a US appeals court, could eventually be challenged in the Supreme Court to overturn the initial federal court ruling.

Among heavyweights, Maybank erased three sen to RM9.84, Tenaga slipped eight sen to RM14.00, while IHH Healthcare was flat at RM6.91. Public Bank increased one sen to RM4.32, and CIMB rose five sen to RM6.93.

In active trade, Eco Shop and Nationgate gained six sen each to RM1.25 and RM1.50, respectively. KPJ Healthcare fell by 21 sen to RM2.75, Tanco eased one sen to RM1.03, and Cape EMS shed two sen to 21.5 sen.

On the index board, the FBM Emas Index shaved 35.92 points to 11,346.41, the FBMT 100 Index lost 32.18 points to 11,109.83, and the FBM ACE Index decreased 41.40 points to 4,550.76.

The FBM Emas Shariah Index slipped 55.84 points to 11,309.99, while the FBM 70 Index sank 136.93 points to 16,195.38.

Sector-wise, the Financial Services Index added 13.42 points to 17,906.99, the Industrial Products and Services Index edged down 0.51 of-a-point to 152.51, the Energy Index eased 3.09 points to 705.09, and the Plantation Index fell 11.54 points to 7,282.41.

-- BERNAMA