Kuala Lumpur:Bursa Malaysia remained in negative territory at midday, reflecting losses across regional markets due to persistent selling pressure and rising oil prices.
According to BERNAMA News Agency, the FTSE Bursa Malaysia KLCI (FBM KLCI) decreased by 11.08 points, or 0.69%, to 1,600.70 from the previous day's close of 1,611.78. The index had initially opened 1.67 points higher at 1,613.45 and fluctuated between 1,597.94 and 1,613.45 during the morning session.
In the broader market, there were 757 decliners compared to 312 gainers, with 429 counters remaining unchanged, 1,330 untraded, and 13 suspended. The total turnover was 2.10 billion units, valued at RM1.65 billion.
Key stocks impacting the composite index included CIMB, which fell 13 sen to RM7.20, Gamuda, which dropped 16 sen to RM4.92, and YTL Power International, which decreased by nine sen to RM5.53, collectively dragging down the index by 5.64 points.
Malacca Securities Sdn Bhd noted that Wall Street ended lower on Wednesday amid concerns over elevated US Treasury yields and potential rate hikes, as indicated by the Federal Reserve's recent minutes. The minutes suggested that most participants anticipate another rate increase by year-end, with the 10-year Treasury yield near 5.3%. This could lead to continued defensive positioning, although AI-related stocks with strong earnings visibility might remain resilient.
Locally, Malacca Securities expects a selective approach to equities ahead of the Budget 2027 announcement on October 9, with a focus on infrastructure and earnings visibility. Hartanah Kenyalang Bhd may attract interest following a significant third-quarter recovery, with revenue increasing 93.4% year-on-year to RM49.5 million and net profit reaching RM3.0 million, alongside an expanded order book of approximately RM851 million. Meanwhile, Jati Tinggi Group Bhd has secured RM15.7 million in contracts from Tenaga Nasional Bhd (TNB), boosting its unbilled order book to RM1.1 billion.
Among other notable movements, Hong Leong Bank fell 34 sen to RM21.16, Press Metal Aluminium decreased by six sen to RM7.14, and Maybank slipped four sen to RM9.83. On the upside, IOI Properties rose 10 sen to RM3.40, and TNB climbed eight sen to RM12.94.
In active trading, Zetrix AI remained flat at eight sen, Top Glove rose 3.5 sen to 89 sen, V.S Industry increased 1.5 sen to 34 sen, Jaks Resources edged up half a sen to 18 sen, and NationGate added five sen to RM1.91.
Top gainers included Nestle, up 86 sen to RM89.88, Chin Teck Plantations, which gained 26 sen to RM10.54, Bus Cap, rising 22.5 sen to RM1.04, Binastra Corporation, up 18 sen to RM2.68, and Gas Malaysia, increasing 14 sen to RM5.39.
Leading the decliners was Malaysian Pacific Industries, which fell RM1.20 to RM44.00. Other notable decliners were Dutch Lady Milk Industries, down 46 sen to RM29.24, United Plantations, losing 40 sen to RM30.78, Kelington, dropping 33 sen to RM8.62, and Mi Technovation, down 32 sen to RM6.06.
On the index board, the FBM Mid 70 Index decreased by 149.39 points to 17,604.10, the FBM Emas Index fell 85.56 points to 12,039.39, the FBM Top 100 Index dropped 86.65 points to 11,815.33, the FBM Emas Shariah Index sank 73.23 points to 12,073.92, and the FBM ACE Index shrank 51.33 points to 5,571.05.
Sector-wise, the Industrial Products and Services Index decreased by 0.85 of a point to 179.03, the Energy Index eased by 0.96 points to 838.01, the Plantation Index tumbled 88.35 points to 8,887.69, and the Financial Services Index slipped 164.50 points to 18,398.82.