KUALA LUMPUR, July 8 ― Shares on Bursa Malaysia remained higher at mid-morning, supported by buying interest in heavyweight stocks led by the finance sectors.
Public Bank and Maybank were the main contributors to the barometer index.
At 11am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 8.96 points higher at 1,575.68 from yesterday’s close of 1,566.72.
The index opened 4.64 points lower at 1,562.08.
Overall market breadth was positive with gainers led losers 518 to 277, while 387 counters were unchanged, 754 untraded and 25 others suspended.
Total volume stood at 3.69 billion shares worth RM1.42 billion.
An analyst said 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,” he said.
Meanwhile, Malacca Securities Sdn Bhd in a note today highlighted the pre-emptive move by Bank Negara Malaysia may provide some support to the local market as investors shift their portfolio to alternative investments in the search for higher yields.
“For now, consolidation could be due following the recent stretch of rally that allows investors to digest the recent gains, while the renewed volatility on Wall Street may permeate to stocks on Bursa Malaysia,” it said.
Among the heavyweights, Maybank added seven sen to RM7.89, Public Bank rose 42 sen to RM17.82 and Top Glove improved four sen to RM20.50.
Tenaga shed four sen to RM11.56 and Hartalega was flat at RM16.70.
Of the most active, PDZ holding gained six sen to 15 sen, Iris and PDZ warrant added 1.5 sen each to 27.5 sen and 4.5 sen respectively, MQ Technology edged up half-a-sen to seven sen while Anzo eased 1.5 sen to 22 sen.
On the index board, the FBM Emas Index advanced 67.19 points to 11,089.64, the FBMT 100 Index expanded 64.32 points to 10,937.74 and the FBM 70 grew 88.62 points to 13,617.46.
The FBM Emas Shariah Index rose 49.80 points to 12,683.88 but the FBM ACE dropped 188.30 points to 7,058.60.
Sector-wise, the Industrial Products and Services Index edged up 0.04 of a point to 139.71, the Plantation Index improved 17.90 points to 6,841.63 and the Financial Services Index surged 133.42 points to 13,359.01. ― Bernama
