KUALA LUMPUR, June 19 ― Bursa Malaysia ended the morning session on a positive note, climbing 0.60 per cent on outlook that the US Federal Reserve is likely to reduce interest rates to support the the economic slowdown in the country.
The market was also responding positively to the upcoming meeting between US President Donald Trump and Chinese President Xi Jinping at the G20 summit this month end.
A dealer said it was a good start, since trade talks between the two economic superpowers collapsed in early May, leaving Trump threatening to impose further tariffs on Chinese imports, a dealer said.
At 12.30pm, the benchmark FTSE Bursa Malaysia KLCI bagged 9.86 points to 1,662.62 from Tuesday’s close of 1,652.76, after opening 1.81 points higher at 1,654.57.
The index moved between 1,652.58 and 1,663.08 throughout the morning session.
Gainers led losers 408 to 265, while 363 counters were unchanged, 831 untraded and 20 others suspended.
Volume stood at 1.34 billion units worth RM1.03 billion.
Malacca Securities Sdn Bhd said after a recent pause, lower liners could make some headway, as the more positive market undertone could provide some near-term trading impetus.
“As it is, retail participants have been waiting for fresh leads and the latest trade development could provide the near-term catalyst for the retail players to return to equities,” it said in a statement.
Most index-linked counters were higher, led by Tenaga which jumped 22 sen to RM13.22, followed by Malaysia Airports (+54 sen to RM8.47) and Maxis (+11 sen to RM5.59).
Top Glove, which is expanding its production capacity, also saw its shares rise seven sen to RM4.94.
Of the actively-traded stocks, Iskandar Waterfront increased 12 sen to RM1.13, Ekovest added two sen to 86 sen, but steel pole manufacturer Mestron, fell half-a-sen to 16 sen.
The FBM Emas Index gained 69.90 points to 11,686.36, the FBMT 100 Index increased 66.99 points to 11,538.44 and the FBM Emas Shariah Index bagged 84.48 points to 11,983.39.
The FBM Ace improved 7.85 points to 4,361.37 and the FBM 70 was up by 77.63 points to 14,373.03.
Sector-wise, the Financial Services Index was 4.21 points better at 16,687.83, the Industrial Products & Services Index inched up 0.45 of-a-point to 160.42 and the Plantation Index was 57.96 points stronger at 6,999.97. ― Bernama