Kuala Lumpur:Bursa Malaysia's key index experienced a rise at midday, driven by selective bargain hunting and optimism surrounding Budget 2027, aligning with Wall Street's rebound.
According to BERNAMA News Agency, the FTSE Bursa Malaysia KLCI (FBM KLCI) increased by 7.87 points, or 0.48%, reaching 1,616.32 from the previous close of 1,608.45. The index opened 3.34 points higher at 1,611.03 and fluctuated between 1,608.91 and 1,619.30 during the morning session.
Despite the gains in the key index, the broader market saw more losers than gainers, with 662 declining compared to 318 advancing stocks. Meanwhile, 483 stocks remained unchanged, 1,364 were untraded, and 12 were suspended. The turnover was recorded at 1.96 billion units, valued at RM1.33 billion.
Rakuten Trade Sdn Bhd's vice-president of equity research, Thong Pak Leng, indicated that the benchmark index remains oversold. He suggested that government development allocations and consumer-support initiatives could bolster interest in infrastructure, utilities, banking, and selected consumer stocks. He expects the index to range between 1,600 and 1,615 for the remainder of the day.
Malacca Securities Sdn Bhd noted the FBMKLCI's potential to follow the strength in global technology, with sentiment bolstered by strong earnings and positioning following the Budget 2027 announcement. The semiconductor and automation sectors, particularly involving AI and high-value investments, are highlighted as government priorities.
Among the heavyweights, Maybank and Public Bank each gained 12 sen to RM9.93 and RM4.69, respectively. CIMB rose four sen to RM7.30, and Tenaga Nasional increased six sen to RM12.94, though IHH Healthcare dropped two sen to RM7.88.
In active trading, Zetrix AI and JAKS Resources each fell half a sen, while VS Industry decreased by two sen. Genting saw a significant drop of 35 sen, whereas Nationgate rose by four sen. Among the top gainers, Nestle soared 78 sen, and MISC firmed 36 sen. Other notable gainers included Vitrox and Kuala Lumpur Kepong.
United Plantations led the decliners, with a 26 sen drop, followed by Genting Malaysia and Malaysian Pacific. The index board saw mixed movements, with the FBM Mid 70 Index declining and the FBM Emas Index expanding. The Industrial Products and Services Index, Energy Index, and Plantation Index weakened, while the Financial Services Index saw a substantial increase.