Bursa Malaysia Higher At Midday On Bargain Hunting
KUALA LUMPUR, June 24 (Bernama) -- Bursa Malaysia was higher at midday, supported by persistent bargain hunting across most sectors, led by healthcare stocks, analysts said.
At 12.30 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 0.51 per cent, or 8.72 points, to 1,688.64 from Tuesday’s close of 1,679.92.
The index opened 2.11 points better at 1,682.03 and moved between 1,680.49 and 1,690.66 throughout the morning trading session.
Market breadth was, however, slightly negative, with decliners beating gainers 440 to 400, while 488 counters were unchanged, 1,412 untraded and 41 suspended.
Turnover stood at 1.45 billion units worth RM981.49 million.
In a note, MBSB Investment Bank Bhd said the FBM KLCI is expected to maintain its upward medium-term trend, underpinned by expectations of continued healthy gross domestic product (GDP) growth and a recovery in corporate earnings in 2026.
However, the higher likelihood of a United States interest rate hike could weigh on the ringgit, fund flows and equity valuations. Consequently, the FBM KLCI's upward medium-term trend could lose momentum.
The investment bank added that headwinds from higher US interest rates could limit the benchmark index to an end-2026 target of 1,800 points.
Among heavyweight stocks, IHH Healthcare gained 22 sen to RM8.78, CelcomDigi rose 7.0 sen to RM2.72, Maxis climbed 6.0 sen to RM3.30, Hong Leong Bank garnered 26 sen to RM21.98, and Axiata advanced 2.0 sen to RM2.00.
Of the top active counters, Zetrix AI added half a sen to 76.5 sen, Dagang NeXchange and Tanco were both flat at 42.5 sen and 13.5 sen, respectively, Malton perked 6.0 sen to 32 sen, while AirAsia X lost 2.0 sen to RM1.29.
Among top gainers, United Plantations advanced 68 sen to RM33.64, Nestle rose 32 sen to RM95.32, DKSH jumped 21 sen to RM8.78, and KLCCP Stapled Group put on 16 sen to RM9.18.
Among the top losers, Dutch Lady shed 50 sen to RM32.00, Batu Kawan erased 36 sen to RM21.20, F&N fell 22 sen to RM27.68, XL Holdings dipped 15.5 sen to 73 sen, and TMK Chemical slid 11 sen to RM2.53.
On the broader market, the FBM Emas Index increased 61.35 points to 12,502.02, the FBM Top 100 Index climbed 64.05 points to 12,341.29, and the FBM Emas Shariah Index advanced 69.76 points to 12,382.24.
The FBM Mid 70 Index jumped 94.21 points to 17,872.93 and the FBM ACE Index firmed 21.62 points to 4,732.30.
Sector-wise, the Financial Services Index notched up 87.18 points to 19,860.36, the Energy Index gained 3.17 points to 750.63, the Plantation Index rose 19.74 points to 8,987.46, and the Industrial Products and Services Index added 0.12 of a point to 184.30.
-- BERNAMA
