KUALA LUMPUR, July 8 ― Shares on Bursa Malaysia ended the morning session higher, bucking the regional trend as persistent buying of financial stocks helped support the barometer index.
At noon break, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 8.70 points to 1,575.42 from yesterday’s close of 1,566.72.
The index opened 4.64 points lower at 1,562.08 and moved between 1,562.08 and 1,579.02 throughout the period.
Overall market breadth was positive with gainers outpacing losers 597 to 298, while 401 counters were unchanged, 640 untraded and 42 others suspended.
Total volume stood at 6.17 billion shares worth RM2.17 billion.
Regionally, China's Shanghai Stock Exchange gained 0.74 per cent to 3,370.23, Japan’s Nikkei Index slipped 0.47 per cent to 22,508.21, Hong Kong’s Hang Seng Index up 0.34 per cent 26,063.51 and Singapore's Straits Times Index eased 0.10 per cent to 2,686.89.
A dealer said Asian equities were mostly lower today, taking a cue from sharp losses on Wall Street as a jump of new Covid-19 cases in some part of the world as well as oil oversupply fears renewed concerns over the economic recovery.
However, she said, the local bourse performed better supported by buying interest in heavyweight stocks led by the finance sectors.
“Despite the 25 basis points cut in the Overnight Policy Rate yesterday, the impact on the banking sector this time around will likely be minimal and muted.
“The cut was widely expected and banks would have adjusted its pricing and strategy accordingly,” she added.
Among the heavyweights, Maybank added eight sen to RM7.90, Public Bank rose 42 sen to RM17.82 and Top Glove improved two sen to RM20.48.
Tenaga shed six sen to RM11.54 and Hartalega eased four sen to RM16.66.
Of the most active, PDZ holding rose nine sen to 18 sen, PDZ warrant and Vortex added two sen each to five sen and eight sen respectively while Iris and MQ Technology improved one sen each to 27 sen and 7.5 sen respectively.
On the index board, the FBM Emas Index advanced 66.22 points to 11,088.67, the FBMT 100 Index expanded 63.54 points to 10,936.96 and the FBM 70 grew 91.69 points to 13,620.53.
The FBM Emas Shariah Index rose 43.64 points to 12,677.72 but the FBM ACE slipped 35.98 points to 7,210.92.
Sector-wise, the Industrial Products and Services Index edged up 0.19 of a point to 139.86, the Plantation Index improved 16.43 points to 6,840.16 and the Financial Services Index surged 150.57 points to 13,376.16. ― Bernama
