Bursa lower at midday on tariff concerns

New Straits Times

3 days ago

KUALA LUMPUR: Bursa Malaysia ended the morning session 0.36 per cent lower, tracking mixed global markets, as investor sentiment turned cautious amid renewed trade tensions sparked by the United States' proposal to impose tariffs of 15 to 20 per cent on European Union imports.
At 12.30pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 5.56 points to 1,519.03 from Monday's close of 1,524.59.
The benchmark index opened 1.70 points higher at 1,526.29 and moved between 1,518.75 and 1,527.90 throughout the session.
Market breadth remained negative, with decliners outpacing gainers 524 to 276. A total of 458 counters were unchanged, 1,221 untraded and seven suspended.
Turnover stood at 1.81 billion shares valued at RM982.47 million.
Across the region, Hong Kong's Hang Seng Index eased 0.07 per cent to 24,975.46, Singapore's Straits Times Index declined 0.21 per cent to 4,198.13, South Korea's Kospi dropped 1.63 per cent to 3,158.58, and Japan's Nikkei 225 retreated 0.53 per cent to 39,608.87.
In a research note, Malacca Securities Sdn Bhd noted that despite ongoing investigations into Sunway Construction and Sunway Bhd over a data centre project, the counters remained supported by strong fundamentals, a robust order book with earnings visibility of up to three years, and the continued expansion of Malaysia's data centre industry.
"Investors may also consider Sarawak-based construction players such as CMSB and Ibraco, which are expected to benefit from the state's infrastructure development," it said.
It added that the government's delay in implementing targeted RON95 fuel subsidies is likely to favour consumer-related stocks, with Mr DIY and 99 SpeedMart as its top picks.
Among the heavyweights, Maybank slipped one sen to RM9.51, Public Bank declined three sen to RM4.27, Tenaga Nasional eased two sen to RM13.76, IHH Healthcare lost four sen to RM6.59, while CIMB Group added four sen to RM6.56.
As for the actives, Zetrix shed half-a-sen to 93 sen, NexG gained half-a-sen to 51 sen, Tanco rose one sen to 91.5 sen, Pharmaniaga was flat at 22 sen, while Icents and CPE Technology climbed 3.5 sen each to 41 sen and 31 sen, respectively.
On the index board, the FBM Emas Index dropped 43.39 points to 11,418.54, the FBMT 100 Index lost 43.46 points to 11,181.36, and the FBM Emas Shariah Index declined 50.49 points to 11,459.22.
The FBM 70 Index retreated 75.60 points to 16,564.28, while the FBM ACE Index eased 29.95 points to 4,607.73.
By sector, the Financial Services Index fell 34.60 points to 17,285.80, the Energy Index slipped 1.73 points to 737.77, the Plantation Index declined 13.91 points to 7,407.13, and the Industrial Products and Services Index shed 1.34 points to 154.30.