Bursa Malaysia Ends Morning Session Lower
KUALA LUMPUR, April 29 (Bernama) -- Bursa Malaysia ended the morning session lower as investor sentiment was dented following reports of the United Arab Emirates’ (UAE) move to exit the Organisation of the Petroleum Exporting Countries and its allies (OPEC+).
The benchmark index was also weighed down by losses in oil-related and financial services counters.
At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 9.20 points to 1,720.40 from Tuesday’s close of 1,729.60. The index opened 2.05 points higher at 1,731.65 and fluctuated between 1,718.45 and 1,733.84 during the morning session.
Market breadth was negative, with losers outpacing gainers 514 to 422, while 589 counters were unchanged, 1,166 untraded, and 112 suspended.
Turnover stood at 1.93 billion units, valued at RM1.51 billion.
It was reported that the UAE has announced its exit from OPEC and its allies (OPEC+) effective May 1, citing national interests and long-term energy strategy. The move is seen as a significant blow to the oil-producing groups amid an ongoing energy shock linked to the conflict involving Iran.
According to CIMB Treasury and Markets Research in a note today, West Asia tensions remained elevated as US–Iran talks stalled, while the UAE’s surprise exit from OPEC added to supply uncertainty and lifted Brent to above US$111 per barrel.
It said the UAE plans to independently increase output following years of frustration over production quotas that constrained its expanded capacity.
Regionally, Singapore’s Straits Times Index fell 0.50 per cent to 4,863.45, and Japan’s Nikkei 225 dipped 1.02 per cent to 59,917.46. Meanwhile, Hong Kong’s Hang Seng Index rose 1.30 per cent to 26,013.31, and South Korea’s KOSPI gained 0.75 per cent to 6,690.52.
Among oil-related stocks, Petronas Dagangan led the losers’ list, slipping 40 sen to RM20.16. Petronas Gas fell 10 sen to RM17.86, Bumi Armada eased half a sen to 39.5 sen, while Petronas Chemicals was unchanged at RM5.66.
In heavyweight financial counters, CIMB slipped nine sen to RM7.69, Maybank eased eight sen to RM11.14, AMMB fell eight sen to RM6.20, Hong Leong Bank declined 16 sen to RM22.63, Public Bank edged down one sen to RM4.77, while RHB dipped three sen to RM8.20.
Among heavyweights, Tenaga Nasional bagged four sen to RM14.56, CelcomDigi added one sen to RM2.96, Nestle jumped 10 sen to RM102.40, and PPB improved two sen to RM11.32, while IHH Healthcare was flat at RM8.81.
On the most active list, UEM Sunrise and WCT rose three sen each to 68 sen and 50 sen, respectively. VS Industry ticked up one sen to 22 sen, while Zetrix AI fell one sen to 85 sen, and MRCB was flat at 33.5 sen.
Among the top gainers, Malaysian Pacific Industries jumped RM1.38 to RM38.88, IOI Properties expanded 18 sen to RM4.17, ITMax was 16 sen higher at 4.99, UMS Integrated increased 15 sen to RM6.85, and Allianz went up 12 sen to RM20.92.
Of the top losers, Hong Leong Industries reduced 28 sen to RM17.52, Fraser and Neave fell by 18 sen to RM31.12, and SAM Engineering lost 11 sen to RM4.07.
On the index board, the FBM Emas Index shed 51.15 points to 12,747.59, the FBM Top 100 Index decreased 54.52 points to 12,579.81, the FBM Emas Shariah Index lost 27.89 points to 12,701.30, the FBM Mid 70 Index went down 24.45 points to 18,245.52, and the FBM ACE Index eased 5.38 points to 4,651.16.
By sector, the Energy Index added 2.43 points to 833.76, while the Financial Services Index fell by 127.92 points to 20,033.71, the Industrial Products and Services Index edged down 0.26 of a point to 195.55, and the Plantation Index reduced 28.84 points to 8,801.62.
-- BERNAMA