Kuala Lumpur: Bursa Malaysia remained lower at midday due to selling pressure in selected heavyweights, particularly in the utilities, consumer products and services, and transportation and logistics sectors. The FTSE Bursa Malaysia KLCI (FBM KLCI) eased 2.97 points, or 0.19 percent, to 1,544.30 from last Friday’s close of 1,547.27.
According to BERNAMA News Agency, Tenaga Nasional fell 12 sen to RM13.62, Nestle gave up RM2.94 to RM69.20, and MISC lost 12 sen to RM6.94, collectively dragging the composite index down by a combined 3.26 points. The benchmark index opened 1.69 points lower at 1,545.58 and fluctuated between 1,538.60 and 1,550.0 during the morning trading session. The broader market was negative, with decliners outnumbering advancers 617 to 242, while 399 counters remained unchanged, 1,124 were untraded, and 15 were suspended. Turnover stood at 1.96 billion shares worth RM1.08 billion.
Rakuten Trade Sdn Bhd’s vice-president of equity research, Thong Pak Leng, commented on the FBM KLCI’s decline to a year-to-date low below the 1,550 level last Friday, aligning with broad-based regional weaknesses. He expects a swift rebound, with the index projected to hover between the 1,550-1,565 range today. Thong noted that the local bourse remains fundamentally sound, with a 9.2 percent growth anticipated in 2025 following a 16.4 percent growth in 2024.
Meanwhile, Malacca Securities Sdn Bhd anticipates bargain hunting in banking stocks after recent sell-offs, supported by stable loan growth and attractive dividends. They also foresee potential gains for REITs due to a steady recovery in footfall. The delay of a 30 percent hike in port tariffs could benefit local logistics players, particularly those involved in container handling and storage. Additionally, trading opportunities may arise in plantation stocks following a recent surge in crude palm oil prices.
In other heavyweights, Petronas Gas shed 26 sen to RM16.62, Axiata fell five sen to RM1.83, and Petronas Dagangan gave up 42 sen to RM17.26. However, CIMB gained eight sen to RM7.60, and IHH Healthcare picked up six sen to RM7.32. Among the actives, My EG Services added half-a-sen to 90.5 sen, SNS Network Technology gained one sen to 41.5 sen, NationGate lost 16 sen to RM1.17, while Sapura Energy and NexG remained flat at 3.5 sen and 27 sen respectively.
On the index board, the FBM Emas Index narrowed 44.56 points to 11,476.24, the FBM 70 Index tumbled 120.82 points to 16,221.65, the FBM Emas Shariah Index ticked down 94.81 points to 11,085.14, the FBM ACE Index slipped 53.47 points to 4,534.32, and the FBMT 100 Index declined 38.15 points to 11,257.40. By sector, the Plantation Index picked up 6.71 points to 7,486.79, the Financial Services Index gained 19.77 points to 19,086.45, while the Industrial Products and Services Index was 0.97 of-a-point lower at 154.26, and the Energy Index depreciated 4.57 points to 710.47.