Kuala Lumpur: Bursa Malaysia's benchmark index recouped earlier losses to close the morning session higher as improved buying was seen in selected utilities and financial services heavyweights counters. At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 7.35 points to 1,562.89 from Thursday's close of 1,555.54. The benchmark index opened 2.11 points easier at 1,553.43 and fluctuated between 1,545.67 and 1,563.36 throughout the session.
According to BERNAMA News Agency, market breadth remained negative, with losers outpacing gainers 518 to 350, while 461 counters were unchanged, 1,048 untraded, and 19 others suspended. Turnover stood at 1.85 billion units, valued at RM91.55 billion. Malacca Securities Sdn Bhd noted that higher-than-expected unemployment claims, coupled with softer-than-anticipated retail and core retail sales, affected the market and contributed to the selling pressure on Wall Street.
Despite the negative US overnight performance, the securities firm stated that bargain-hunting activities in the local market could emerge as stocks have been reduced to oversold levels. The firm identified trading opportunities in the energy sector, potentially benefiting from the spike in Brent crude oil, and noted that technology stocks might attract interest given the elevated US dollar environment.
Malacca Securities also highlighted a potential shift from a data center theme to a state-specific trading catalyst following the recent sell-down. Developments such as the Penang light rail transit and Johor-Singapore Special Economic Zone may boost the construction and property sectors in the near to mid-term.
Among the heavyweights, Maybank added two sen to RM10.16, CIMB and IHH each increased by one sen to RM8.00 and RM7.12, respectively, Public Bank rose five sen to RM4.44, and Tenaga expanded by 44 sen to RM13.56. In contrast, active stocks like Gamuda shed 13 sen to RM4.13, CBH Engineering fell 1.5 sen to 32 sen, and SNS Network decreased by two sen to 52.5 sen, while Velocity Capital remained unchanged at eight sen, and TWL Holdings increased by half-a-sen to three sen.
On the broader index, the FBM Emas Index gained 38.08 points to 11,963.13, the FBM Emas Shariah Index improved by 32.68 points to 11,795.38, and the FBMT 100 Index garnered 39.56 points to 11,654.45. The FBM 70 Index rose by 3.49 points to 17,834.01, but the FBM ACE Index lost 40.57 points to 5,118.37. By sector, the Energy Index slightly decreased by 0.01 of-a-point to 831.47, the Financial Services Index recovered 82.24 points to 18,817.57, while the Industrial Products and Services Index edged up by 0.43 of-a-point to 165.78, and the Plantation Index slipped by 13.27 points to 7,323.11.