Bursa Malaysia remains lower at midday as profit-taking continues

New Straits Times

5 hours ago

KUALA LUMPUR: Bursa Malaysia remained easier at midday today due to continuing profit-taking, especially on plantation and energy stocks, said analysts.
At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) shed 5.88 points, or 0.38 per cent, to 1,514.83 from Monday's close of 1,519.99.
The benchmark index opened 1.17 points lower at 1,518.82 and subsequently moved between 1,510.92 and 1,520.89 throughout the morning session.
Market breadth was negative, with 462 decliners overtaking 284 gainers, while 455 counters were unchanged, 1,215 untraded and 22 suspended.
Turnover stood at 2.01 billion shares worth RM947.77 million.
Hong Leong Investment Bank Bhd (HLIB) said in a note that domestically, sentiment is expected to remain cautious, weighed down by uncertainty over a pending US-Malaysia tariff agreement, June's typically weak market performance, and potential policy drags from second half 2025's (2H25) fuel subsidy rationalisation and the Sales and Service Tax (SST) expansion on July 1 -- both of which could dampen consumer spending and cloud corporate earnings visibility.
Nevertheless, it said downside risks may be cushioned by strengthening ringgit versus the US dollar, which appreciated 5.3 per cent year-to-date, potentially aiding foreign inflows and reducing import costs.
"Besides, policy-driven catalysts, namely the National Energy Transition Roadmap (NETR), the Johor-Singapore Special Economic Zone (JS-SEZ), and the New Industrial Master Plan 2030 (NIMP 2030), can also support the local bourse.
"Key weekly supports are established between the 1,476-1,500, while resistances are located at 1,524-1,556 range," HLIB.
Among the heavyweights, SD Guthrie fell 9.0 sen to RM4.61, Petronas Chemicals Group and IOI Corp shaved 5.0 sen each to RM3.35 and RM3.67, respectively, while Hong Leong Financial Group fell 18 sen to RM15.86, and Telekom slid 7.0 sen to RM6.59.
As for the most active stocks, Top Glove slipped 3.5 sen to 72 sen, MYEG and Tanco Holdings added 1.0 sen each to 94 sen and 96.5 sen, Velesto Energy eased half-a-sen to 18.5 sen, and Jiankun International was flat at 3.0 sen.
On the index board, the FBM Emas Index slipped 37.89 points to 11,322.90, and the FBMT 100 Index decreased 36.35 points to 11,102.00.
The FBM Emas Shariah Index eased 31.41 points to 11,342.25, and the FBM ACE Index weakened 23.48 points to 4,448.33, while the FBM 70 Index declined 26.57 points to 16,256.89.
Sector-wise, the Plantation Index trimmed 68.34 points to 7,281.93, and the Energy Index sank 14.40 points to 737.76.
The Financial Services Index dropped 86.85 points to 17,414.15, and the Industrial Products and Services Index decreased by 0.62 of-a-point to 150.51.