Bursa turns mixed at midday on renewed buying

Bursa turns mixed at midday on renewed buying
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KUALA LUMPUR (Nov 30): Bursa Malaysia turned mixed at midday, as renewed buying interest emerged in selected heavyweights amidst uncertain sentiments in the global equities market.

At the lunch break, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 1.01 points to 1,477.97 from Tuesday's closing of 1,476.96.

The market bellwether opened 0.74 of-a-point lower at 1,476.22, and moved between 1,464.81 and 1,478.76 throughout the morning trading session.

Market breadth, however, was negative with losers leading gainers 448 to 353, while 396 counters were unchanged, 1,093 untraded and 67 others suspended.

Turnover stood at 2.53 billion units valued at RM1.1 billion.

In a note on Wednesday, Rakuten Trade Sdn Bhd said Wall Street closed flat overnight as traders remain on the sidelines ahead of the release of some economic data later this week to see if the US Federal Reserve would continue its aggressive rate hikes.

Back home, the research firm said the local bourse seems to be undergoing a consolidation phase following the spike last Thursday.

“For today (Wednesday, Nov 30), we reckon the index to trend in the 1,475-1,490 range as corporate results reported so far are reasonable, with the exception of the plantation sector, which was impacted by the softer crude palm oil prices.

“We still believe some buying would emerge in the banks and telcos counters as results posted by these sectors remain solid," it said.

Meanwhile, among the heavyweights, Malayan Banking Bhd (Maybank) fell by six sen to RM8.64, Public Bank Bhd eased one sen to RM4.40, Petronas Chemicals Group Bhd went down 10 sen to RM8.40, CIMB Group Holdings Bhd deducted three sen to RM5.79, and IHH Healthcare Bhd dropped 14 sen to RM5.79.

Among the actives, MMAG Holdings Bhd inched down half-a-sen to 2.5 sen, ACE Market debutant Leform Bhd shed 3.5 sen to 19.5 sen, and Advance Synergy Bhd decreased two sen to 17.5 sen, while MQ Technology Bhd was flat at five sen, and SMTrack Bhd was unchanged at six sen.

On the index board, the FBM Emas Index strengthened 24.24 points to 10,568.75, the FBMT 100 Index gained 27.25 points to 10,287.16, the FBM Emas Shariah Index gained 51.17 points to 10,713.74, and the FBM 70 went up 114.78 points to 12,811.15.

Meanwhile, the FBM ACE reduced by 26.37 points to 5,170.35.

Sector-wise, the Financial Services Index was 88.45 points lower at 16,560.6, the Industrial Products and Services Index inched down 1.07 points to 180.51 and the Energy Index trimmed 0.3 of-a-point to 763.61, while the Plantation Index lost 18.49 points to 6,788.74.