Bursa changes course to negative territory at midday

KUALA LUMPUR: The FBM KLCI closed the morning trading session lower on profit-taking in selected heavyweights.

At 12.30 pm, the key index was down 2.52 points to 1,435.60. The overall market was negative with 490 decliners compared with 262 gainers.

Malacca Securities is cautiously optimistic about the market outlook as foreign selling continued to decline with 5-day net selling standing at RM76.9mil against net selling of RM365.6mil from a week earlier.

However, it said market direction remains unclear as Wall Street retreated mildly overnight.

Kenanga Research has reduced its end-2022 FBM KLCI target to 1,610 points from 1,670 points based on a 16x 2022F earnings projection (-4.7%) against a backdrop of a considerably more aggressive monetary tightening by major policymakers globally in recent months.

The research house said under the current sustained high inflation scenario, investors should seek refuge in stocks of companies with strong pricing power.

Shares in Sapura Energy jumped 22% to 5.5 sen at midday after it returned to the black in the first quarter ended April 30 (1Q23). It is the most actively traded counter on Bursa Malaysia with 84.18 million shares done.

Malaysian Pacific Industries fell 98 sen to RM28.20, Dutch Lady lost 78 sen to RM32.50, Berjaya Food eased 33 sen to RM3.96 and Sam Engineering shed 31 sen to RM3.29.

Among the gainers, Nestle jumped RM2.10 to RM135.60, Heineken added 16 sen to RM24.08, Batu Kawan rose 12 sen to RM23.02 and PPB climbed 10 sen to RM15.10.

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Bursa Malaysia , FBM KLCI , KLCI


Next In Business News

Chipmakers drag Wall St lower after Micron's warning
Ringgit ends marginally higher against US dollar
Visa brings Apple Pay to cardholders in Malaysia
Texchem reports over 15-fold profit jump in 2Q, declares 8 sen dividend
Lagenda Properties to buy 422-acre land for RM92mil cash
KLCC REIT's net profit rises to RM165.18mil in 2Q
TNB offers ‘Sinaran Merdeka’ incentive
KLCI ekes out gains as regional markets trade mixed
Oil slips amid chance of Iran nuclear deal supply boost
Manufacturing sales value surges 23.4% to RM153.5bil in June

Others Also Read