BURSA MALAYSIA HIGHER AT MIDDAY ON BUYING ACTIVITIES LED BY FINANCIAL SERVICES

By Durratul Ain Ahmad Fuad

KUALA LUMPUR, April 24 (Bernama) -- Bursa Malaysia stayed higher at midday on persistent buying activities led by the financial services and the industrial products and services sectors amid optimism over easing United States (US)-China trade tensions and a more consistent tone from US President Donald Trump.

At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 5.47 points, or 0.36 per cent, to 1,506.66 from Wednesday’s close of 1,501.19.

CIMB added 12 sen to RM6.97, Sunway gained 8.0 sen to RM4.45, and Press Metal Aluminium went up 5.0 sen to RM4.80. These counters lifted the composite index by a combined of 3.75 points.

Investors are also expected to closely monitor developments as Malaysia’s Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz and his delegation arrive in the United States (US) to seek the best solution regarding retaliatory tariffs for mutual benefit. 

The index opened 0.64 of-a-point lower at 1,500.55 and moved between 1,500.40 and 1,507.45 during the morning session.

Market breadth was positive, with gainers outpacing decliners 403 to 353. A total of 404 counters were unchanged, 1,255 untraded and 13 suspended.

Turnover stood at 1.70 billion shares worth RM924.49 million.

UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan said investors will likely monitor the progress of Tengku Zafrul’s meeting in the US.

“Although we cannot expect an immediate reaction or decision from the US, any statement released by the Malaysian delegate will influence the investor reaction,” he told Bernama. 

Tengku Zafrul is scheduled to meet with US Trade Representative Jamieson Greer and other relevant officials in Washington on April 24.

The Indochina ASEAN member countries have been the hardest hit by these tariffs, and Malaysia is not excluded (24 per cent retaliatory tariffs). 

Except for China, these retaliatory tariffs are under a 90-day suspension period.

Asked about the positive and negative developments and how the market reaction will be, Mohd Sedek said that for the positive developments scenario, even without a confirmed outcome, any positive statement is likely to push the FBM KLCI above the 1,518 level (the closing price on April 3) in the short term -- a scenario he anticipated.

Furthermore, Bursa Malaysia’s data yesterday indicated net foreign buying, he said.

“Should today’s post-market data also reflect continued foreign inflows, it would reinforce optimism surrounding the ongoing negotiations.

“Export-oriented stocks, particularly within the FBM EMAS, are expected to benefit from this momentum,” he added. 

Mohd Sedek further said that conversely, any negative development is unlikely to cause a sharp market decline but may lead to a muted response.

“Investors are expected to adopt a more cautious, ‘wait-and-see’ stance, conducting their own assessments before making any major moves,” he said.   

Among other heavyweights, Petronas Gas edged up 16 sen to RM16.82, Maxis put on 4.0 sen to RM3.62, Hong Leong Bank recovered 14 sen to RM19.80, while Mr DIY lost 3.0 sen to RM1.67, and Kuala Lumpur Kepong was 24 sen easier at RM19.62. 

As for actives, SFP Tech appreciated 2.0 sen to 22.5 sen, Pos Malaysia was 4.5 sen firmer at 28 sen, My EG Services inched up 1.0 sen to 90 sen, and CIMB widened 12 sen to RM6.97, while Digistar was flat at 4.5 sen.

On the broader index board, the FBM Emas Index advanced 41.77 points to 11,163.37, the FBMT 100 Index expanded 42.56 points to 10,945.32, the FBM Emas Shariah Index climbed 39.15 points to 10,985.79, the FBM 70 Index recovered 71.87 points to 15,622.75, but the FBM ACE Index trimmed 15.45 points to 4,587.24.

Sector-wise, the Financial Services Index jumped 85.99 points to 18,024.20, the Industrial Products and Services Index was 0.89 points higher at 146.08, the Energy Index ticked up 2.99 points to 664.72, but the Plantation Index decreased by 7.61 points to 7,206.88.

Meanwhile, according to filings with the bourse, trading in the securities relating to CJ Century Logistics Holdings Bhd (CJCEN) halted at 9.00 am and resumed from 10.00 am today, following CJCEN’s announcement of its 2025 guidance with a lower revenue forecast between RM610.4 million to RM626.2 million.

-- BERNAMA