KUALA LUMPUR: Bursa Malaysia remained higher at midday, supported by buying in selected heavyweights led by consumer products and services, industrial products and services, as well as plantation. At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) added 3.44 points to 1,598.92 from Monday’s close of 1,595.48. The benchmark index, which opened 3.84 points higher at 1,599.32, moved between 1,594.07 and 1,602.90 during the morning session.
According to BERNAMA News Agency, the market breadth was positive, with gainers leading decliners 489 to 410, while 470 counters were unchanged, 1,046 untraded and 15 suspended. Turnover amounted to 1.66 billion units valued at RM1.36 billion. An analyst mentioned that investors are still assessing the mixed results recently, along with the ongoing exodus of foreign investors and President-elect Donald Trump’s threat of a 100 per cent tariff on BRIC nations, all of which contributed to the subdued market sentiment.
Hong Leong Investment Bank Bhd (HLIB) reported that regard
ing the recent third-quarter 2024 corporate results, out of the 112 stocks under its coverage, 38 per cent came in within expectations, 36 per cent below and 26 per cent above. When compared against consensus, the proportion of results that came in line was similar at 38 per cent, while disappointments/surpasses were slightly lower/higher at 34 per cent/28 per cent. HLIB stated in a research note that its 2024/2025 FBM KLCI target is lowered to 1,620/1,720 as they trim their valuation multiple on the back of external woes that may emanate from ‘Trump 2.0’.
In the heavyweights category, Maybank, Public Bank, and Tenaga Nasional gained two sen each to RM10.10, RM4.49, and RM13.50 respectively, while IHH added one sen to RM7.21. CIMB eased one sen to RM8.20. Among the top gainers were United Plantations, which climbed 88 sen to RM31.54, Petronas Dagangan, which jumped 60 sen to RM20.16, and Ajinomoto, which advanced 20 sen to RM15.78.
Among the active stocks, Velesto Energy was flat at 15.5 sen, JCY Internatio
nal rose 3.5 sen to 47.5 sen, MYEG increased by 1.5 sen to 90 sen, and Cape EMS picked up two sen to 38 sen. Sapura Energy eased half-a-sen to 3.5 sen. On the index board, the FBM Emas Index garnered 28.35 points to 12,176.38, the FBMT 100 Index rose 28.23 points to 11,866.32 and the FBM Emas Shariah Index went up 43.08 points to 12,153.36. The FBM 70 Index gained 52.58 points to 17,954.03 and the FBM ACE Index added 16.67 points to 5,139.34.
Sector-wise, the Financial Services Index lost 10.14 points to 19,036.47, the Plantation Index went down 9.51 points to 7,662.05, the Energy Index erased 6.47 points to 802.14, while the Industrial Products and Services Index edged up 0.81 of-a-point to 174.38.