BURSA MALAYSIA EASES AT MIDDAY ON PROFIT-TAKING

KUALA LUMPUR, March 28 (Bernama) -- Bursa Malaysia stayed in negative territory at the midday break as profit-taking after recent rallies weighed on industrial product, telecommunication, and banking counters.

At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) dropped 0.24 per cent, or 3.69 points, to 1,532.04, from Thursday’s close of 1,535.73. 

The benchmark index opened 4.16 points lower at 1,531.57 and moved between 1,527.59 and 1,533.52 throughout the morning trading session.  

On the broader market, decliners outpaced gainers 473 to 300, with 379 counters unchanged, 1,320 untraded, and 133 suspended.  

Turnover stood at 1.24 billion shares worth RM922.79 million.

Malacca Securities Sdn Bhd said it expects window-dressing activities to lend support to the local market despite Wall Street closing in negative territory overnight. “We maintain a positive outlook on the oil and gas sector, underpinned by the United States’ maximum pressure campaign on Iran’s oil industry, which could provide further support to Brent crude prices,” it said in a note today.

The brokerage said traders may also turn their attention to Westports as it believes the port operator’s dividend reinvestment-funded capital expenditure will drive mid- to long-term growth, despite delays in port tariff adjustments.

“Lastly, we view Lim Seong Hai Capital as undervalued, supported by strong revenue growth prospects and a robust order book cover ratio exceeding three times,” it added.

Among the heavyweight counters, Tenaga Nasional gained six sen to RM13.62 and IHH Healthcare added two sen to RM6.93. CIMB Group and Public Bank both eased one sen to RM7.12 and RM4.48, respectively, and Maybank slipped 2.0 sen to RM10.34.

Among the actives, Main Market debutant HI Mobility rose two sen to RM1.24 and Sapura Energy gained half-a-sen to 5.0 sen. Pertama Digital and Trive Property were flat at 11 sen and 3.5 sen, respectively, while NEXG slipped 1.0 sen to 24.5 sen

On the index board, the FBM Emas Index declined 39.00 points to 11,457.19, the FBMT 100 Index fell 38.10 points to 11,219.45 and the FBM Emas Shariah Index slipped 46.52 points to 11,201.63. The FBM 70 Index dropped 99.61 points to 16,373.22. The FBM ACE Index increased 25.36 points to 4,782.75.

Sector-wise, the Financial Services Index slid 24.26 points to 18,647.49 and the Industrial Products and Services Index eased one point to 153.98.

The Plantation Index climbed 31.07 points to 7,472.38, and the Energy Index added 0.36 of a point to 759.79.

Bursa Malaysia and its subsidiaries will be closed on Monday and Tuesday (March 31 and April 1) in conjunction with the Hari Raya Aidilfitri public holiday, subject to the official announcement by the Keeper of the Rulers’ Seal.

-- BERNAMA