Bursa Malaysia Rebounds to End Slightly Higher at Midday

KUALA LUMPUR, Sept 23 – Bursa Malaysia’s benchmark index staged a recovery from early losses to end Wednesday’s morning session marginally higher, driven by selective bargain-hunting in heavyweight telecommunications and utilities counters.

At 12:30 PM, the FTSE Bursa Malaysia KLCI (FBM KLCI) edged up 0.04 of a point to 1,683.54 compared to Tuesday’s close of 1,683.50.

The benchmark index opened 1.31 points lower at 1,682.19 and fluctuated between 1,676.10 and 1,685.37 during a choppy trading session.

Overall market breadth remained negative, with decliners outpacing gainers 509 to 419, while 507 counters were unchanged, 1,436 untraded, and 27 suspended. Total volume stood at 1.84 billion units valued at RM1.35 billion.

In the telecommunications and media sector, Maxis led gains after adding seven sen to RM3.59. Utilities heavyweights also recorded solid gains, with Tenaga Nasional recovering 24 sen to RM13.34 and Petronas Gas advancing 28 sen to RM17.56.

In a market note, Apex Securities Bhd noted that technology stocks could remain in focus amid global momentum in artificial intelligence and semiconductor plays, though the sector stays sensitive to US Treasury yield fluctuations.

“Utilities may also continue to attract defensive interest, supported by resilient electricity demand and ongoing grid and energy-transition investments,” Apex Securities stated.

The brokerage expects the barometer index to maintain its recovery momentum in the near term, buoyed by improving global risk sentiment.

“The retreat in oil prices could also provide some relief to inflationary concerns and overall market sentiment, while expectations of further progress in the upcoming US President Donald Trump-Chinese President Xi Jinping meeting may support regional equities,” the research firm added.

Apex Securities further noted that recent market pullbacks continue to encourage domestic bargain hunting, though the sustainability of the rebound will hinge on external developments and follow-through buying.

Among other key heavyweights, Maybank gained eight sen to RM10.20, Public Bank traded flat at RM4.84, CIMB dipped one sen to RM7.89, and IHH Healthcare climbed 10 sen to RM8.10.

Active counters included Zetrix AI, which dropped 1.5 sen to 19 sen, Jaks Resources, which fell half a sen to 16.5 sen, and AirAsia, which dropped 2.5 sen to 55 sen. Capital A slid one sen to 26 sen, while Aimax traded flat at one sen.

Top gainers included Malaysian Pacific Industries, which surged 78 sen to RM43.98, Nestle, which rose 36 sen to RM89.52, and KESM Industries, which advanced 31 sen to RM4.32. Fraser & Neave and Samaiden also strengthened, adding 26 sen and 21 sen to RM23.06 and RM2.55, respectively.

Conversely, top decliners included BLD Plantations, which dropped 30 sen to RM14.70, Hong Leong Bank, down 28 sen to RM23.10, and United Plantations, which shed 26 sen to RM33.28. Hong Leong Industries lost 24 sen to RM16.82, while Vitrox slipped 20 sen to RM9.80.

Across sectoral indices, the Industrial Products and Services Index rose 0.48 of a point to 185.38, and the Energy Index perked up 1.50 points to 846.15. The Financial Services Index contracted 124.93 points to 19,609.74, while the Plantation Index trimmed 23.03 points to 9,432.98.

–NMT