Bursa Malaysia Easier At Midday In Tandem With Most Regional Peers
KUALA LUMPUR, June 16 (Bernama) -- Bursa Malaysia remained easier at midday in tandem with most regional peers as traders stayed on the sidelines amid the intensifying Israel-Iran conflict, analysts said.
At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) shed 4.06 points, 0.26 per cent, to 1,514.05 from Friday’s close of 1,518.11.
The benchmark index, which opened 0.24 of-a-point lower at 1,517.87, moved between 1,512.26 and 1,517.87 during the morning session.
Market breadth was also negative, with decliners thumping gainers 711 to 191, while 364 counters were unchanged, 1,149 untraded and 21 suspended.
Turnover stood at 1.88 billion units worth RM921.99 million.
Malacca Securities Sdn Bhd said the local bourse started the week on a softer tone, as investors adopted a risk-off approach.
The stockbroking company said that given the spike in both Brent oil and gold prices, trading opportunities have emerged in the oil and gas-related and gold companies, as these commodities are trading in an elevated environment.
“Lastly, investors may continue to focus on defensive sectors like utilities and real estate investment trusts (REITs), with Gas Malaysia and Sunway REIT being our top preferences,” it said in a note.
Technically, it expects the resistance level for the benchmark index to be around 1,533-1,538, while support is located at 1,498-1,503.
Of the heavyweights, Nestle fell RM2.10 to RM71.72, 99 Speed Mart Retail Holdings shed 5.0 sen to RM2.11, YTL Corp trimmed 4.0 sen to RM2.13, Hong Leong Financial Group dropped 30 sen to RM16.06, Sime Darby eased 3.0 sen to RM1.65, and CIMB Group Holdings slid 9.0 sen to RM6.73.
Among the active stocks, MYEG shaved 2.5 sen to 93 sen, while Thrive Property Group, NexG, Velesto Energy and Bumi Armada added half-a-sen each to 1.5 sen, 35.5 sen, 19 sen and 49.5 sen, respectively.
On the index board, the FBM Emas Index shaved 50.59 points to 11,319.61, the FBMT 100 Index fell 44.67 points to 11,099.37, and the FBM Emas Shariah Index slipped 21.37 points to 11,308.16.
The FBM 70 Index sank 124.27 points to 16,244.44, while the FBM ACE Index weakened 74.14 points to 4,413.05.
By sector, the Plantation Index advanced 63.37 points to 7,284.29, and the Energy Index climbed 12.33 points to 753.09.
However, the Financial Services Index reduced 146.47 points to 17,501.78, and the Industrial Products and Services Index dipped 0.65 of-a-point to 150.70.
-- BERNAMA