Bursa Malaysia Slightly Lower At Midday Amid Geopolitical Tensions, Fed Rate Hold
KUALA LUMPUR, July 30 (Bernama) -- Bursa Malaysia stayed lower at midday as renewed geopolitical tensions and the United States Federal Reserve's decision to stay pat on interest rates continued to dampen sentiment.
At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.95 of-a-point to 1,714.61 from yesterday’s close of 1,715.56.
The benchmark index opened 1.14 points lower at 1,714.42, before fluctuating between 1,710.69 and 1,716.95 during the morning trading session.
The broader market was negative, with losers outpacing gainers 553 to 299, while 528 counters were unchanged, 1,397 untraded and 87 suspended.
Turnover totalled 1.30 billion shares worth RM1.03 billion.
The US has launched strikes on Iran following an attack on a US military base in Jordan.
Meanwhile, the Fed has decided to hold rates steady for the fifth consecutive meeting, with the Federal Funds Rate unchanged between 3.50 per cent and 3.75 per cent. This also weighed on sentiment for the local bourse.
In a note today, Malacca Securities Sdn Bhd said three dissenting votes advocated for a 25 basis point rate hike.
The brokerage firm said Hengyuan Refining Co Bhd and Petronas Chemicals Group Bhd will benefit from prolonged supply disruption uncertainties in the Strait of Hormuz.
Among heavyweights, Tenaga Nasional eased four sen to RM14.56, CIMB shed one sen to RM7.80, and Public Bank dropped two sen to RM5.13. Maybank was unchanged at RM10.86, and IHH Healthcare inched up two sen to RM8.37.
Of the active stocks, Zetrix AI slid one sen to 69.5 sen, VS Industry shed 1.5 sen to 22 sen, SNS Network Technology and HHRG slumped half-a-sen each to 53.5 sen and 13 sen, respectively. Sum Technology added 3.5 sen to 62 sen.
As for the top gainers, Nestle advanced RM2.10 to RM98.88, Fraser & Neave Holdings jumped 36 sen to RM27.76, Kuala Lumpur Kepong rose 24 sen to RM21, Allianz Malaysia inched up 18 sen to RM21.18, and Westports Holdings climbed 15 sen to RM6.98.
Malaysian Pacific Industries led the losers list, falling RM1.06 to RM43.06, while United Plantations shed 16 sen to RM33.84, Riverview Rubber Estates lost 15 sen to RM3, Chin Teck Plantations declined 14 sen to RM10.90, and UMS Integration slipped 14 sen to RM6.86.
On the index board, the FBM Emas Index decreased 14.09 points to 12,658.72, the FBM Top 100 Index inched down 13.22 points to 12,493.94, the FBM Mid 70 Index contracted 45.77 points to 17,935.86, the FBM Emas Shariah Index tumbled 3.01 points to 12,502.36, and the FBM ACE Index fell 11.33 points to 4,913.38.
Sector-wise, the Financial Services Index lost 29.64 points to 20,187.33, the Industrial Products and Services Index was unchanged at 186.33, while the Plantation Index gained 19.98 points to 9,321.90, and the Energy Index improved 3.23 points to 763.91.
-- BERNAMA