Bursa could rise following 12th Malaysia Plan midterm review

KUALA LUMPUR: Domestic developments could take centre stage for now as the recent midterm review of the 12th Malaysia Plan could spur some buying interest from investors, while there could also be some spillover interest from Wall Street's rebound overnight.

"We think the local bourse may perform on a positive note after Rafizi Ramli elaborated further on the 12th Malaysia Plan on national TV station, reiterating that the government will be focusing on 5 high-growth high value sectors (HGHV), while the buying interest may spillover from Wall Street as well," said Malacca Securities Research in a note.

Nevertheless, the research firm noted that traders have been cautious ahead of the US Federal Reserve's Federal Open Market Committee meeting next week, which would lead to a decision on the Federal Fund Rate.

At 9am, Malaysia's benchmark FBM KLCI was down 0.75 points to 1,454.29.

PETRONAS Chemicals was down six sen to RM7.17, while Maybank shed one sen to RM9.15 and Public Bank dropped one sen to RM4.23.

On the broader markets, gainers included LEAP-listed Sunmow jumping 10 sen to RM1.20, Magni-Tech adding nine sne to RM2 and United Plantations rising eight sen to RM16.08.

On the most actives list, IFCAMSC rose 2.5 sen to 33.5 sen, Ekovest lost two sen to 50 sen and Tanco slid 0.5 sen to 55 sen.

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