Utilities And Consumer Stocks Lift Bursa Malaysia Higher At Mid-day
KUALA LUMPUR, July 24 (Bernama) -- Bursa Malaysia ended the morning session on a firmer note as positive sentiment persisted on the local bourse, supported by gains in utilities as well as consumer products and services stocks.
At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.97 points to 1,532.76, compared to Wednesday's close of 1,529.79.
The index opened 1.26 points higher at 1,531.05 and moved within a narrow range of 1,529.71 to 1,533.08 throughout the session.
However, broader market sentiment turned slightly bearish, with losers edging past gainers 418 to 402, while 458 counters were unchanged, 1,238 untraded, and seven suspended.
Turnover stood at 1.92 billion units worth RM1.05 billion.
In a research note, Malacca Securities Sdn Bhd said market optimism was fuelled by Prime Minister Datuk Seri Anwar Ibrahim's announcement to lower the RON95 retail price to RM1.99 per litre effective end-September, coupled with RM100 cash handouts, which led to the higher market performance today.
'The cash assistance is also expected to benefit the consumer sector, with counters like EcoShop and 99 SpeedMart experiencing breakouts following the announcement.
'We continue to favour the construction and utilities sectors amid the ongoing data centre boom, and real estate investment trusts given Bank Negara Malaysia's overnight policy rate (OPR) reduction and their defensive nature,' it said.
Gainers among heavyweight utilities and consumer products and services stocks included YTL Corporation, which added six sen to RM2.49. Nestle was up RM2.36 to RM79.26, Petronas Gas rose 22 sen to RM17.90, and Petronas Dagangan gained 40 sen to RM21.40.
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