Kuala lumpur: Bursa Malaysia's benchmark index maintained its upward momentum at midday, aligning with regional peers. The rise was fueled by persistent buying in banking, healthcare, and utility sectors.
According to BERNAMA News Agency, at 12:30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) increased by 15.85 points to 1,759.92, compared to Monday's close of 1,744.07. The index opened 5.18 points higher at 1,749.25, fluctuating between 1,749.10 and 1,762.49 during the morning session.
The market showed a positive breadth, with 649 gainers outpacing 445 losers. There were 514 unchanged counters, while 1,130 remained untraded and 66 were suspended. The turnover was recorded at 1.96 billion units, valued at RM1.89 billion.
IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan commented that the 1,760 level, reached mid-morning, acts as a short-term resistance level. At this point, some investors might take profits or pause. He emphasized that a slight market slowdown or retracement is normal and doesn't indicate a broken trend. After surpassing 1,760, the market just needs confirmation that the momentum remains intact.
Malacca Securities Sdn Bhd advised investors to consider waiting for a pullback to create entry opportunities, as many stocks are trading at overbought levels. Despite the ringgit's movement against the US dollar and increased buying interest in the consumer, financial, and property sectors, a pullback is recommended.
Among heavyweight stocks, Maybank and Public Bank each rose 12 sen to RM11.62 and RM4.99, respectively. CIMB increased by 14 sen to RM8.76, Tenaga Nasional went up by two sen to RM14.00, and IHH Healthcare added five sen to RM8.71.
On the most active list, Capital A decreased by 1.5 sen to 57.5 sen, One Gasmaster dropped four sen to 21 sen, while Zetrix AI remained flat at 81.5 sen. SP Setia and Tanco gained two sen each to 97.5 sen and RM1.33.
In terms of top gainers, Malaysian Pacific and Hong Leong Financial each rose by 52 sen to RM33.10 and RM21.82, respectively. Malayan Cement increased by 28 sen to RM8.03, Bursa Malaysia went up by 25 sen to RM8.95, and Hong Leong Bank was higher by 22 sen at RM24.72.
The top decliners included Nestle, down 60 sen to RM115.40, United Plantations, which lost 26 sen to RM30.60, and Petronas Gas and IGB Real Trust, both sliding 18 sen to RM18.40 and RM2.81, respectively. Kuala Lumpur Kepong decreased by 14 sen to RM19.88.
On the index board, the FBM Top 100 Index climbed 101.92 points to 12,702.09, the FBM Emas Index rose 98.52 points to 12,897.68, the FBM Mid 70 Index increased by 85.98 points to 17,716.81, and the FBM Emas Shariah Index gained 57.65 points to 12,458.04. However, the FBM ACE Index fell by 5.49 points to 4,843.22.
Sector-wise, the Financial Services Index rose by 322.52 points to 21,519.75, and the Industrial Products and Services Index edged up by 2.08 points to 179.36. Conversely, the Plantation Index declined by 20.09 points to 8,425.05, and the Energy Index decreased by 0.46 points to 764.40.