Bursa Malaysia ends morning session lower

BURSA Malaysia ended the morning trading session lower, with the key index moving in a cautious and rangebound mode, taking the cue from the weaker Wall Street performance overnight, dealers said. 

At 12.30pm, the benchmark FTSE Bursa Malaysia KLCI eased 1.92 points to 1,499.65, from Monday’s close of 1,501.57. 

The benchmark index opened 0.79 of-a-point easier at 1,500.78, subsequently moving between 1,496.89 and 1,503.04 throughout the session. 

On the broader market, losers led gainers 405 to 334, while 371 counters were unchanged, 1,222 untraded and 53 others suspended.

Turnover stood at 1.52 billion units worth RM807.44 million.

A dealer said Bursa Malaysia opened easier and continued to trade mostly in negative territory, with profit-taking seen in selected heavyweight stocks, bucking the Asian equities trend which were mostly higher in the morning session today.

ActivTrades trader Anderson Alves said Asian equities were traded in a defensive mood on Tuesday following hawkish speeches by Federal Reserve chair Jerome Powell and other European central bankers at Jackson Hole.

“Ahead of this month’s monetary policy decisions, traders have started to price a probability higher than 80% for a 75 basis points hike in the US and European rate markets,” he said.

He noted Covid-19 concerns also continued to weigh on Asian markets as investors could push back on some risk in their Asia-Pacific exposure as the pandemic is still not over, and economic pressure is piling up in China due to lockdowns and the country’s zero-Covid policy.

Regionally, Japan’s Nikkei 225 rose 1.16% to 28,201.91, Singapore’s Straits Times Index added 0.52% to 3,239.02 and South Korea’s Kospi gained 0.91% to 2,449.09 while Hong Kong’s Hang Seng Index fell 0.9% to 19,843.71.

Back home, market heavyweights Malaysian Banking Bhd and CIMB Group Holdings Bhd added one sen each to RM8.95 and RM5.41 respectively, Public Bank Bhd gained three sen to RM4.66 while Petronas Chemicals Group Bhd eased one sen to RM8.89 and IHH Healthcare Bhd lost 17 sen to RM6.17.

Of the actives, Vortex Consolidated Bhd and Dagang NeXchange Bhd edged up half sen each to 18.5 sen and 85.5 sen respectively, My EG Services Bhd improved six sen to 77.5 sen, UMedic Group Bhd added seven sen to 63 sen while Metronic Global Bhd eased half-a-sen to seven sen.

On the index board, the FBM Emas Index trimmed 1.87 points to 10,623.63, the FBM T100 Index lost 2.78 points to 10,374.09, the FBM ACE shed 2.61 points to 4,879.19, the FBM Emas Shariah Index gave up 13.43 points to 10,719.91 but the FBM 70 advanced 38.91 points to 12,662.57. 

Sector-wise, the Plantation Index was 22.81 points higher at 7,129.18, the Energy Index added 5.13 points to 728.23, the Financial Services Index climbed 11.96 points to 16,734.35 while the Industrial Products and Services Index eased 0.23 of-a-point to 182.69. — Bernama / pic Bloomberg