KUALA LUMPUR: The FTSE Bursa Malaysia KLCI (FBM KLCI) continued its upward momentum to end the morning session higher in tandem with the regional market performance.
At lunch break, the benchmark index rose 1.66 points to 1,436.83 from Tuesday’s closing of 1,435.17.
The index, which opened 0.42 point weaker at 1,434.75 this morning, moved between 1,432.27 and 1,437.97 during the session.
However, market breadth was negative with decliners beating gainers 382 to 377, while 408 counters were unchanged, 1,175 untraded and 10 others suspended.
Turnover stood at 1.81 billion units worth RM970.51 million.
Malacca Securities Sdn Bhd said after the strong rebound yesterday, the local stock market is expected to continue its upward momentum today ahead of the upcoming Budget 2024.
"It is likely that buying interest would persist on the local front ahead of the upcoming Budget 2024 as we expect the positive local catalyst to support the overall market at least for the near to mid-term," the brokerage firm said.
On commodities, it said that Brent crude oil took a breather but still traded above US$87 per barrel amid ongoing geopolitical concerns, while the crude palm oil closed below RM3,600 per tonne after palm oil inventory increased 9.6 per cent month-on-month in September to 2.31 million tonnes.
Malacca Securities said safe-haven assets such as gold- and energy-related stocks may be favoured amid the ongoing environment of geopolitical tensions.
"Meanwhile, buying interest may be seen within the construction, property, building materials as well as utilities sectors ahead of Budget 2024.
"We like the renewable energy sector as the government may introduce certain initiatives under the National Energy Transition Roadmap blueprint,” it added.
Among the heavyweights, Maybank edged up one sen to RM8.90, Public Bank gained two sen to RM4.15, CIMB increased six sen to RM5.61, and Tenaga Nasional added five sen to RM10.02, but Petronas Chemicals erased 13 sen to RM7.17.
Of the actives, Classita and UEM Sunrise
inched down half-a-sen each to 7.5 sen and 86.5 sen respectively, KNM Group slid one sen to 11 sen, Kanger International reduced two sen to 9.5 sen, and Sapura Energy was flat at five sen.
On the index board, the FBM Emas Index advanced 11.36 points to 10,640.64, the FBMT 100 Index improved 11.28 points to 10,305.82, the FBM 70 Index rose 12.72 points to 14,149.26, the FBM Emas Shariah Index trimmed 8.85 points to 10,878.47, and the FBM ACE Index fell 35.43 points to 5,158.08.
Sector-wise, the Financial Services Index gained 71.17 points to 16,180.85, the Energy Index ticked up 2.36 points to 877.22, the Industrial Products Services Index slid 0.83 point to 172.00, the Plantation Index edged down 8.85 points to 6,889.93, and the Consumer Products and Services Index lost 0.82 of-a-point to 551.99. - Bernama
