Bursa Malaysia Edges Higher At Midday On Better Sentiment
KUALA LUMPUR, April 16 (Bernama) -- Bursa Malaysia edged higher at midday today, supported by improving sentiment amid growing expectations of a de-escalation of tensions in West Asia.
At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.85 points, or 0.23 per cent, to 1,687.27 from Wednesday’s close of 1,683.42.
The benchmark index had earlier opened 1.44 points higher at 1,684.60 and traded between 1,682.81 and 1,690.83 during the morning session.
Market breadth was positive, with gainers outpacing losers 628 to 455. A total of 491 counters were unchanged, 1,157 untraded and 23 suspended.
Turnover stood at 2.30 billion units valued at RM1.63 billion.
Hong Leong Investment Bank Bhd said market sentiment remains finely balanced between elevated geopolitical risks and rising expectations of de-escalation in the seventh week of the conflict in West Asia.
The investment bank said in a note today that markets are increasingly pricing in a “peak fear” phase, supported by easing oil prices from recent highs of around US$113 per barrel.
“However, the rally remains vulnerable to headline risk, any setback in (United States-Iran) negotiations or renewed conflict escalation in the Strait of Hormuz ahead of the temporary ceasefire expiry on April 22 could quickly reverse sentiment.
“Therefore, major support for the FBM KLCI is seen at 1,664-1,673 while resistance is pegged at 1,705–1,717,” it said.
Among heavyweights, Maybank remained unchanged at RM11.06, Public Bank gained six sen to RM4.66 and Tenaga Nasional rose 16 sen to RM14.30, while CIMB was eight sen lower at RM7.42 and IHH Healthcare slipped one sen to RM8.69.
On the most active list, Borneo Oil and MMAG each gained half a sen to one sen and four sen, Zetrix AI added three sen to 82 sen, while ACE Market debutant Golden Destinations inched down three sen to 42 sen. but Inari Amertron advanced 12 sen to RM1.65.
Among top gainers, Malaysian Pacific Industries strengthened 94 sen to RM33.94, UMS Integration rose 56 sen to RM6.06, United Plantations advanced 52 sen to RM33.52, KESM Industries gained 29 sen to RM3.36, and Hong Leong Bank added 24 sen to RM22.24.
Among the top losers, Kuala Lumpur Kepong fell 34 sen to RM21.16, PPB Group slipped 18 sen to RM11.54, Press Metal Aluminium dropped 16 sen to RM7.85, and Petronas Chemicals and Ajinomoto were down 12 sen each to RM5.51 and RM12.54.
On the index board, the FBM Top 100 Index rose 42.14 points to 12,290.48, while the FBM Emas Index added 45.27 points to 12,454.53 and the FBM Mid 70 Index climbed 120.96 points to 17,624.23. The FBM Emas Shariah Index advanced 55.42 points to 12,387.49, while the FBM ACE Index rose 27.06 points to 4,537.05.
By sector, the Financial Services Index advanced 54.01 points to 19,702.40, while the Plantation Index slipped 9.76 points to 8,892.87. The Industrial Products and Services Index eased 0.85 of a point to 186.74, while the Energy Index shed 6.90 points to 817.11.
-- BERNAMA
