Bursa Malaysia ends higher at midday on strong buying interest

Bursa Malaysia ends higher at midday on strong buying interest
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KUALA LUMPUR (May 17): Bursa Malaysia stayed in positive territory at midday on continued buying in selected heavyweights, led by industrial products and services and plantation counters.

At lunch break, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 6.53 points to 1,550.94 from Friday’s close of 1,544.41. 

The index opened 11.27 points higher at 1,555.68 and moved between 1,548.02 and 1,558.11 throughout the morning session.

On the broader market, gainers led losers 430 to 429, while 385 counters were unchanged, 1,011 untraded and 10 others suspended.

Total turnover stood at 3.06 billion units worth RM1.25 billion.

The better performance on the local bourse was also in line with regional peers.

Singapore’s Straits Times rose 0.39% to 3,203.7, China’s Shanghai Stock Exchange added 0.29% to 3,082.66, Japan’s Nikkei bagged 0.33% to 26,633.53, Hong Kong’s Hang Seng gained 2.23% to 20,395.66 and South Korea’s Kospi increased 0.85% to 2,618.62.

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the index is expected to remain within a narrow range of between 1,540 and 1,550 on Tuesday, as sentiments are still cautious.

Meanwhile, news that Germany may ditch the imports of Russian oil had pushed the Brent crude price to above the US$114 per barrel, he told Bernama.

Among the heavyweights, Malayan Banking Bhd eased one sen to RM8.95, while Public Bank Bhd and CIMB Group Holdings Bhd rose three sen each to RM4.56 and RM5.07 respectively. 

Petronas Chemicals Group Bhd gained seven sen to RM10.06, and IHH Healthcare Bhd increased four sen to RM6.48. 

Among the actives, Sapura Energy Bhd increased 3.5 sen to eight sen, Serba Dinamik Holdings Bhd rose seven sen to 19 sen, KNM Group Bhd gained 1.5 sen to 19 sen, Hibiscus Petroleum Bhd was 11 sen higher at RM1.46, while Yong Tai Bhd fell one sen to 10 sen. 

As for the top gainers, Nestle (Malaysia) Bhd jumped RM2.30 to RM133.80, Hong Leong Financial Group Bhd and Petron Malaysia Refining & Marketing Bhd improved 42 sen each to RM19.30 and RM6.44 respectively, Hengyuan Refining Company Bhd lifted 36 sen to RM7.34, and Harrison Holdings (Malaysia) Bhd added 31 sen to RM5.98.

On the index board, the FBM ACE fell 41.09 points to 5,301.54, the FBM Emas Index advanced 54.87 points to 11,065.67, and the FBMT 100 Index firmed 48.06 points to 10,735.32.

Meanwhile, the FBM Emas Shariah Index gained 74.24 points to 11,542.65, and the FBM 70 added 70.4 points to 13,127.01.

Sector-wise, the Financial Services Index rose 37.24 points to 16,571.61, the Industrial Products and Services Index was 2.64 points higher at 199.43, and the Plantation Index climbed 59.15 points to 8,238.43.