Kuala Lumpur:Bursa Malaysia maintained a higher position at midday, aligning with the positive momentum seen across regional markets.
According to BERNAMA News Agency, the FTSE Bursa Malaysia KLCI (FBM KLCI) increased by 1.84 points to 1,632.71 at 12:30 pm, compared to last Friday's close of 1,630.87. The index initially opened 2.55 points higher at 1,633.42 and fluctuated between 1,630.95 and 1,640.46 during the morning session. Despite the rise in the benchmark index, the broader market saw more losses than gains, with 562 losers compared to 476 gainers, while 470 counters remained unchanged, 1,265 were untraded, and 24 were suspended. The market turnover was noted at 2.93 billion units worth RM1.39 billion.
Hong Leong Investment Bank (HLIB) reported that Wall Street experienced a rebound due to a weaker-than-expected September jobs gain of 29,000, significantly below the consensus estimate of 130,000. This development has decreased the likelihood of an October rate hike by the Federal Reserve (Fed), with the probability of rates being held steady rising to 77 percent, from 36 percent the previous week. The focus for the current week is expected to be on third-quarter earnings, alongside the ISM services Purchasing Managers' Index, Federal Open Market Committee minutes, and preliminary October consumer sentiment.
HLIB further noted that in anticipation of Budget 2027 on October 9, ongoing US-Iran tensions and the Fed's hawkish stance could keep the FBM KLCI in a risk-off consolidation phase, particularly amidst elevated oil prices, rising bond yields, and continuous foreign outflows. Domestically, factors such as slower GDP growth projected at 4.7 percent for 2027 compared to 5.3 percent in 2026, the upcoming expansion of the FBM KLCI from 30 to 50 constituents in two phases, potential earnings shortfalls, and household affordability issues due to sustained higher costs and supply-chain disruptions could further dampen market sentiment.
Additionally, the upcoming Melaka polls, with the Election Commission expected to announce the election date on October 7, may contribute to political uncertainty. The elections could provide insights into voter sentiment, coalition dynamics, and seat negotiations, amidst ongoing speculation of an early 16th General Election.
In terms of specific stock movements, Public Bank and Tenaga Nasional each gained four sen to reach RM4.70 and RM13.00, respectively. CIMB increased by three sen to RM7.68, while Maybank fell by two sen to RM10.00 and IHH Healthcare decreased by five sen to RM7.75.
In active trading, Zetrix AI fell by 3.5 sen to eight sen, V.S Industry rose by four sen to 33 sen, Cuscapi dropped half-a-sen to 4.5 sen, Excel Force MSC declined by 5.5 sen to 15.5 sen, and Jaks Resources slipped by one sen to 17 sen.
Among top gainers, Malaysian Pacific Industries rose by 66 sen to RM43.06, Nestle increased by 48 sen to RM90.00, Kelington advanced by 37 sen to RM9.00, Pentamaster added 34 sen to RM5.51, and Vitrox climbed 32 sen to RM10.78.
In contrast, Genting Plantations led the decliners, dropping 19 sen to RM5.57, Lysaght Galvanized Steel decreased by 16 sen to RM2.22, Kobay Technology fell by 13 sen to RM2.17, and BLD Plantations along with New Hoong Fatt both declined by 12 sen to RM14.88 and RM1.20, respectively.
On the index board, the FBM Mid 70 Index increased by 86.40 points to 17,568.33, the FBM Emas Index gained 27.99 points to 12,198.56, the FBM Top 100 Index added 25.31 points to 11,982.99, the FBM Emas Shariah Index improved by 27.66 points to 12,087.98, and the FBM ACE Index climbed 53.92 points to 5,583.38.
Sector-wise, the Industrial Products and Services Index edged up by 0.23 of a point to 178.75, the Energy Index decreased by 3.07 points to 829.96, the Financial Services Index rose by 77.09 points to 19,117.60, and the Plantation Index fell by 47.38 points to 9,009.17.