BURSA MALAYSIA HIGHER AT MIDDAY, IN SYNC WITH REGIONAL PEERS

KUALA LUMPUR, April 23 (Bernama) -- Bursa Malaysia remained higher in sync with the upbeat performance of regional peers amid optimism over easing United States (US)-China trade tensions. 

At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 8.08 points, or 0.54 per cent, to 1,494.33 from Tuesday’s close of 1,486.25.

The index opened 11.11 points higher at 1,497.36 and moved between 1,493.26 and 1,501.12 during the morning session.

Market breadth was positive, with gainers surpassing decliners 509 to 276. A total of 397 counters were unchanged, 1,223 untraded and 11 suspended.

Turnover stood at 1.73 billion shares worth RM906.28 million.

Malacca Securities Sdn Bhd said given the positive Wall Street overnight performance, the brokerage firm expects bargain-hunting activities to spill over into the local market, with the technology sector likely to be one of the key beneficiaries.

“Glove manufacturers could be undervalued due to potential mid-term recovery in order flows and improved cost competitiveness as US tariffs weigh on Chinese peers,” it said. 

Meanwhile, Malacca Securities also anticipates a rebound in the banking sector due to stable earnings and attractive dividend yields.

“For a defensive positioning, investors may rotate into domestically oriented consumer names like 99 Speed Mart and safe-haven proxies to hedge against lingering economic turmoil,” it added. 

Among the heavyweights, Maybank eased 1.0 sen to RM9.94, but Public Bank and IHH Healthcare increased 1.0 sen each to RM4.38 and RM6.85, respectively. Tenaga Nasional perked up 8.0 sen to RM13.48, and CIMB gained 5.0 sen to RM6.80.

As for actives, Pertama Digital put on 2.0 sen to 14.5 sen, Richtech Digital went up 4.5 sen to 23 sen, My E.G. inched down half-a-sen to 88.5 sen, MSB erased half-a-sen to 16 sen, while Nationgate was flat at RM1.16. 

On the broader index board, the FBM Emas Index advanced 67.43 points to 11,066.45, the FBMT 100 Index expanded 65.45 points to 10,852.41, the FBM Emas Shariah Index climbed 84.51 points to 10,882.95, the FBM 70 Index recovered 120.43 points to 15,476.82, but the FBM ACE Index trimmed 14.86 points to 4,546.24.

Sector-wise, the Financial Services Index appreciated 43.71 points to 17,893.66, the Industrial Products and Services Index was 1.59 points higher at 144.05, the Energy Index strengthened 5.49 points to 659.92, but the Plantation Index reduced 1.11 points to 7,215.21.

-- BERNAMA