Bursa Malaysia Gains At Midday As Fuel Price Assurance Boosts Consumer Stocks
KUALA LUMPUR, July 23 (Bernama) -- Bursa Malaysia ended the morning trading session in positive territory, supported by buying in selected counters, led by 99 SpeedMart, CIMB and Maybank.
Prime Minister Datuk Seri Anwar Ibrahim has given assurance that the price of RON95 petrol will drop to RM1.99 per litre following the implementation of targeted fuel subsidies -- a move that is likely to favour consumer-related stocks, with 99 Speedmart among the top gainers.
At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) garnered 4.89 points to 1,524.29, compared to yesterday's close of 1,519.48.
At the opening bell, the benchmark index was 0.08 of-a-point higher at 1,519.48, and moved up to a high of 1,525.99 during the session.
Across the broader market, gainers surpassed losers 454 to 398, while 455 counters were unchanged, 1,172 untraded and seven suspended.
Turnover stood at 2.06 billion units worth RM1.06 billion.
In a research note, Malacca Securities Sdn Bhd said it expects Bursa Malaysia to be in cautious mode following Wall Street's mixed performance.
'We expect a similar sentiment on the local front due to the recent investigations on several data centre projects.
'However, we believe this may provide a decent buy-on-dip opportunity in Sunway Construction and Sunway Group and other data centre-related counters, underpinned by their strong fundamentals and solid order book secured,' it said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
11 minutes ago
- The Star
13th Malaysia Plan urged to include Indian community initiatives
PETALING JAYA: The upcoming 13th Malaysia Plan (13MP) should incorporate the Malaysian Indian Blueprint and the Indian Community Action Plan if the government is committed to uplifting the Indian community, says the Kuala Lumpur and Selangor Indian Chamber of Commerce and Industry (KLSICCI). Its president Nivas Ragavan said Prime Minister Datuk Seri Anwar Ibrahim acknowledged that while the majority in hardcore poverty are Malays, the Indian community remains severely affected. "If the Prime Minister and the Unity Government are truly serious about advancing the Madani Economic Framework, both the Malay and Indian communities must be placed at the heart of the nation's mainstream economic agenda," he said in a statement on Monday (July 28). The Star highlighted that the 13MP is expected to enhance Malaysia's competitiveness by promoting high-value manufacturing through business and investor-friendly policies, according to economists. The 13MP document is scheduled to be tabled at the Dewan Rakyat sitting on July 31 by Prime Minister Datuk Seri Anwar Ibrahim. The prime minister previously said the 13MP was being formulated with a focus on the economic empowerment of the people through increased income, inclusive and sustainable economic structural reforms, and strengthening governance and efficiency in the delivery of public services.
Malaysiakini
11 minutes ago
- Malaysiakini
EU: Anchor of stability amid global trade tensions
COMMENT | In a world where trade tensions are rising and protectionism is creeping back, the European Union is doubling down on its commitment to free trade and international cooperation. European Commission president Ursula von der Leyen put it plainly: 'Tariffs are taxes that only hurt businesses and consumers.' This straightforward message reflects the EU's firm belief that walls and barriers won't help anyone in the long run. The EU's robust legal framework, enforced by EU member states, the European Commission, and the Court of Justice, ensures that international trade follows clear, agreed-upon rules. These rules, grounded in the principles of the United Nations and the World Trade Organization, are not just about trade. They promote prosperity, cooperation and stability worldwide, including in the fast-growing and strategically vital Indo-Pacific region. While some countries might be tempted to retreat behind protectionist policies, the EU is keeping its doors open, especially towards Southeast Asia. This openness is based on a simple conviction: that fair, rules-based trade and investment are powerful engines for sustainable growth and development. This is exactly how peace and prosperity in the EU were built over the past decades. Now, this belief is driving a renewed effort to conclude an ambitious, comprehensive and balanced free trade agreement (FTA) with Malaysia. Partners in stability and prosperity The partnership between the EU and Malaysia, as well as with Asean, is built on trust, transparency, and a shared vision for peace, stability, and prosperity. And on mutual engagement, as evidenced by the renewed dynamics in our partnership with the visits of Prime Minister Anwar Ibrahim – also as Asean chair – to Brussels, Rome and Paris in the past months, as well as the visits to Kuala Lumpur by the Poland president, Denmark foreign minister, Finland trade minister and most recently the EU high representative and vice-president of the commission on the occasion of the 58th Asean Foreign Ministers Meeting. Stability and predictability are vitally important for business and the global economy. The recent relaunch of trade negotiations reflects our shared commitment to an open, rules-based international trade order – a principle Anwar has consistently advocated, and that both sides strongly uphold. The highly promising first round of EU-Malaysia trade negotiations has just concluded in Brussels, the substantive engagement from both sides signalling a fresh push to deepen economic ties. These ties are already significant: the EU is Malaysia's fourth-largest trading partner and second-largest source of foreign direct investment. For the EU, Malaysia ranks as its third-largest trading partner in Asean. But there's plenty of untapped potential, and the free trade agreement is key to unlocking it. By slashing tariffs and removing non-tariff barriers, the agreement would open up markets for goods, services, investment, and procurement flows. It would also provide clearer rules on intellectual property and digital trade - areas that are increasingly important in today's economic landscape. Freer trade also helps cushion the impact of global supply shocks by diversifying sourcing and reducing dependence on any single country or supplier. For consumers both in the EU and Malaysia, the benefits are tangible: lower prices, more choice, and greater supply security, especially in essential sectors like food, medicine, and technology. For Malaysian businesses, this means preferential and easier access to the EU's vast single market - the second-largest in the world - creating new opportunities, boosting competitiveness, and attracting high-quality investment. FTA to strengthen ties Ultimately, the FTA is more than just a commercial tool - it is a platform to shape a future-oriented, resilient relationship that reflects the shared ambitions of Malaysia and the EU for sustainable and inclusive growth. It will further strengthen the foundation of our relationship, built on trust and mutual benefit. In a time of growing trade tensions and geopolitical uncertainty, the EU's commitment to open markets and international rules provides an anchor of stability. As a predictable, transparent, reliable and open partner, the EU is ready to deepen its engagements with the like-minded. The renewed EU-Malaysia free trade talks highlight how cooperation, not confrontation, can pave the way for a more prosperous future for both regions and the global economy. RAFAEL DAERR is EU ambassador to Malaysia. This op-ed is also jointly written by 16 ambassadors of EU member states in Malaysia. The views expressed here are those of the author/contributor and do not necessarily represent the views of Malaysiakini.
The Sun
11 minutes ago
- The Sun
Public urged to use Bas.My for subsidised bus service continuity
ALOR SETAR: The Ministry of Transport is urging the public to utilise the stage bus service to ensure its long-term sustainability. Introduced under the Stage Bus Service Transformation (SBST) programme, the service is being rolled out in phases this year with significant government funding. Transport Minister Anthony Loke stressed the need for strong ridership to justify continued financial support. 'To convince the Finance Ministry to keep funding this, I need data proving its benefits. If people don't use it despite affordable fares, securing future allocations will be tough,' he said after launching the Kota Setar service. The federal government has allocated RM78.5 million over five years for 13 SBST routes in Kedah. Since its phased launch on June 1, the Kota Setar service has seen around 30,000 monthly users, with projections reaching 40,000 by month-end. Loke explained that higher ridership reduces per-passenger costs, making the subsidy more efficient. 'The annual cost remains RM15.7 million regardless of passenger numbers. More users mean better value for the government's investment.' On safety concerns following a recent fatal accident involving a bus, Loke clarified that investigations are ongoing. 'Police will determine if negligence occurred. All operators must comply with strict safety rules, including speed limits and driver training.' - Bernama
