Kuala lumpur: Bursa Malaysia slipped below the 1,700 mark at midday, aligning with weaker performances among most regional peers due to negative sentiment following a surge in crude oil prices. Brent crude hovered above US$100 per barrel at noon.
According to BERNAMA News Agency, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 11.60 points or 0.67 per cent to 1,699.41 from the previous close of 1,711.01. The benchmark index opened 9.07 points lower at 1,701.94 and fluctuated between 1,697.83 and 1,709.05 during the morning session. Market breadth was negative, with 519 losers outnumbering 354 gainers. A total of 499 counters remained unchanged, 1,317 untraded, and 18 were suspended. Turnover reached 1.59 billion units valued at RM1.38 billion.
Regionally, Hong Kong's Hang Seng Index slipped 0.48 per cent to 25,593.25, Japan's Nikkei 225 decreased 1.38 per cent to 53,700.91, and South Korea's KOSPI retreated 1.98 per cent to 5,475.17. In contrast, Singapore's Straits Times Index inched up 0.07 per cent to 4,858.83.
Iran's new supreme leader, Mojtaba Khamenei, announced the closure of the Strait of Hormuz, leading to increased oil prices. Brent crude increased 0.24 per cent at US$100.70 per barrel at the time of writing.
Malacca Securities Sdn Bhd noted that the closure of the Strait of Hormuz could benefit MISC as the group could command higher spot rates and pass on war-risk premiums to charterers. They also noted emerging buying interest in Plantation and selected Petrochemical counters due to elevated oil prices.
Finance Minister II Datuk Seri Amir Hamzah Azizan disclosed that the government's fuel subsidies had risen to RM2 billion for RON95 and RM1.2 billion for diesel, totaling RM3.2 billion monthly. He assured that citizens would continue receiving assistance through targeted RON95 subsidies under the BUDI95 initiative, maintaining stable petrol and diesel prices despite the increased subsidy expenditure.
Among heavyweights, Maybank slid eight sen to RM11.36, Public Bank three sen to RM4.78, TNB dropped 20 sen to RM14.20, and IHH Healthcare fell 29 sen to RM8.81, while CIMB added one sen to RM8.0. On the most active list, Jiankun International slumped two sen to 4.5 sen, V.S. Industry and Zetrix AI fell 1.5 sen to 29 sen and 77 sen respectively, Pharmaniaga trimmed half-a-sen to 24.5 sen, while GDB Holdings improved half-a-sen to 37.5 sen.
Top gainers included Pineapple Resources, which surged 13 sen to 73 sen, while Gas Malaysia, Petronas Chemicals, and Kossan Rubber rose 11 sen each to RM5.15, RM4.71, and RM1.15, respectively. Petronas Gas increased 20 sen to RM17.60. Top losers included Malayan Cement, which slumped 52 sen to RM6.96, Nestle dipped RM1.40 to RM102.70, Batu Kawan sank 38 sen to RM19.50, Kuala Lumpur Kepong shed 36 sen to RM19.42, and Petronas Dagangan slipped 34 sen to RM21.60.
On the index board, the FBM Top 100 Index fell 73.06 points to 12,273.00, the FBM Emas Index declined 69.48 points to 12,432.32, the FBM 70 Index dropped 53.51 points to 17,153.01, the FBM Emas Shariah Index declined 69.48 points to 12,432.32, and the FBM ACE Index eased 11.77 points to 4,390.00. By sector, the Financial Services Index tumbled 207.70 points to 20,439.40, the Plantation Index decreased 69.56 points to 8,434.67, the Industrial Products and Services Index shaved off 0.07 of-a-point to 176.11, while the Energy Index climbed 4.98 points to 800.72.