Kuala Lampur:The key index of Bursa Malaysia rebounded slightly higher by midday as buying interest was noted in telecommunications and utilities stocks.
According to BERNAMA News Agency, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 0.04 points to 1,683.54 from Tuesday's close of 1,683.50. The index, which started 1.31 points lower at 1,682.19, fluctuated between 1,676.10 and 1,685.37 during the session.
Market conditions were negative, with 509 losers outnumbering 419 gainers, while 507 counters remained unchanged, 1,436 were untraded, and 27 were suspended. Turnover was recorded at 1.84 billion units worth RM1.35 billion.
In the telecommunications and media sector, Maxis saw a gain of seven sen to RM3.59. Meanwhile, in the utilities sector, Tenaga Nasional rose 24 sen to RM13.34, and Petronas Gas increased by 28 sen to RM17.56.
Apex Securities Bhd indicated that technology stocks might attract investor interest due to the renewed strength in global artificial intelligence and semiconductor markets, although they remain sensitive to US Treasury yield changes. The firm noted that utilities could continue to draw defensive interest, bolstered by consistent electricity demand and ongoing investments in grid and energy transition.
The brokerage expects the barometer index to maintain its recovery momentum, driven by improving global risk sentiment, especially following strength in technology and semiconductor stocks. A decline in oil prices may alleviate inflation concerns and support market sentiment, while anticipated progress in an upcoming meeting between US President Donald Trump and Chinese President Xi Jinping could boost regional equities.
On the domestic front, Apex Securities suggested that recent market weakness might lead to bargain hunting, though the rebound's sustainability depends on external sentiment improvements and continued buying.
Among heavyweights, Maybank increased by eight sen to RM10.20, Public Bank remained steady at RM4.84, CIMB fell by one sen to RM7.89, and IHH Healthcare rose by 10 sen to RM8.10.
Regarding active stocks, Zetrix AI decreased by 1.5 sen to 19 sen, Jaks Resources fell by half a sen to 16.5 sen, Capital A dropped by one sen to 26 sen, Aimax stayed at one sen, and AirAsia decreased by 2.5 sen to 55 sen.
Top gainers included Malaysian Pacific Industries, which rose by 78 sen to RM43.98, Nestle by 36 sen to RM89.52, KESM Industries by 31 sen to RM4.32, Fraser and Neave by 26 sen to RM23.06, and Samaiden by 21 sen to RM2.55.
Among the top losers, BLD Plantations declined by 30 sen to RM14.70, Hong Leong Bank by 28 sen to RM23.10, United Plantations by 26 sen to RM33.28, Hong Leong Industries by 24 sen to RM16.82, and Vitrox by 20 sen to RM9.80.
The FBM Mid 70 Index fell by 9.91 points to 17,834.50, the FBM Emas Index decreased by 1.13 points to 12,513.01, the FBM Top 100 Index dropped by 1.50 points to 12,306.38, while the FBM Emas Shariah Index increased by 41.93 points to 12,368.31, and the FBM ACE Index gained 40.30 points to 5,409.41.
In sectoral performance, the Industrial Products and Services Index increased by 0.48 of a point to 185.38, and the Energy Index rose by 1.50 points to 846.15. The Financial Services Index decreased by 124.93 points to 19,609.74, and the Plantation Index fell by 23.03 points to 9,432.98.