Bursa stays mixed at midday

TheEdge Wed, Jun 29, 2022 12:49pm - 1 month View Original

KUALA LUMPUR (June 29): Bursa Malaysia was mixed at midday on Wednesday (June 29) as buying support interspersed with selling activities for selected heavyweights and lower liners, analysts said. 

At 12.30pm, the FBM KLCI was 0.06% or 0.85 of a point higher at 1,455.59 from Tuesday's close at 1,454.74. 

The benchmark index opened 4.29 points lower at 1,450.45 and moved between 1,445.23 and 1,459.86 throughout the morning trading session.

The overall market breadth was negative with losers leading gainers 433 to 287, while 335 counters were unchanged, 1,251 untraded and 89 others suspended.

Turnover stood at 1.24 billion units worth RM698.75 million.

In its Market Pulse note, Malacca Securities Sdn Bhd said that the banking sector may benefit from the interest rate upcycle environment.

“Investors may also favour real estate investment trusts amid the uncertain market sentiment.

“On the contrary, growth stocks may take a back seat today (Wednesday) given the overnight plunge on Wall Street,” it said.

Meanwhile, the Malaysian Communications and Multimedia Commission announced that it had approved the proposed merger between Digi.com Bhd and Axiata Group Bhd.

Subsequently, in a joint statement, Digi and Axiata said the completion of the proposed merger will now be subject to the approval of the Securities Commission Malaysia, Bursa Malaysia, Axiata and Digi shareholders, and fulfilment of other customary terms and conditions.

The proposed merger is expected to be completed within the second half of this year.

At midday, Axiata’s share price had increased by 14 sen to RM2.95 and Digi was up by 15 sen to RM3.40.

As for other heavyweights, both Tenaga Nasional Bhd (TNB) and Hartalega Holdings Bhd rose by seven sen to RM8.03 and RM2.72 respectively, and IOI Corp Bhd gained five sen to RM3.94, while Malayan Banking Bhd (Maybank) and Public Bank Bhd eased one sen to RM8.63 and RM4.45 respectively, and Petronas Chemicals Group Bhd shed five sen to RM9.20.

Of the actives, Reach Energy Bhd and Borneo Oil Bhd were flat at six sen and 2.5 sen respectively, while Sapura Energy Bhd slid half a sen to 4.5 sen and Hibiscus Petroleum Bhd was down by two sen to RM1.01. 

On the index board, the FBM Emas Index shed 4.18 points to 10,371.03, the FBM Emas Shariah Index increased 7.30 points to 10,563.04, FBM 70 reduced 27.26 points to 12,507.00, FBM ACE gained 31.48 points to 4,826.34 and the FBMT 100 Index was 0.68 of a point lower at 10,110.45.

Sector-wise, the Financial Services Index narrowed 37.33 points to 16,076.53, the Plantation Index lost 36.61 points to 7,005.56, and the Industrial Products and Services Index was 1.05 points weaker at 183.51.

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