KUALA LUMPUR, July 23 ― Bursa Malaysia ended the morning session on a positive note and on expectations of an interest rates cut by the European Central Bank (ECB) and the US Federal Reserve.
The US Federal Open Market Committee has scheduled a two-day meeting on July 30-31, while the ECB meets on July 25.
At 12.30pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.51 points to 1656.91 after having closed at 1,655.40 yesterday.
The benchmark index, which opened 0.67 point lower at 1,654.73, moved between 1,654.02 and 1,657.67 throughout the morning session.
Gainers outpaced losers 349 to 302, while 403 counters were unchanged, 834 untraded and 16 others suspended.
Turnover amounted to 1.45 billion shares worth RM835.63 million.
A dealer said the probability of a 25 basis points cut (by the Fed) had already been factored into most equities markets.
“European stocks were also higher yesterday with the ECB’s plan to cut rates by 10 basis points this Thursday. We are seeing investors responding well to these decisions,” the dealer said.
He also said higher crude oil prices due to heightened tensions in the middle east would also lend support to the market.
Of the heavyweights, Maybank was flat at RM8.82 and Public Bank fell two sen to RM22.86, but Tenaga rose eight sen to RM13.82 and PetChem was two sen higher at RM7.72.
For the most actives, Green Packet gained two sen to 52.5 sen, while its warrant inched up half-a-sen to 13 sen, but Vsolar was one sen lower at 22 sen.
The FBM Emas Index increased 11.03 points to 11,781.41, the FBMT 100 Index added 8.75 points to 11,606.19 and the FBM Emas Shariah Index was 23.57 points higher at 12,180.73.
The FBM Ace rose 7.05 points to 4,710.38 and the FBM 70 inched up 3.61 points to 14,895.56.
Sector-wise, the Financial Services Index fell 16.81 points to 16,517.02, the Plantation Index advanced 27.99 points to 6,812.83 and the Industrial Products & Services Index gained 0.5 point to 156.20. ― Bernama
