FBM KLCI erases earlier gains for flat result at midday
KUALA LUMPUR: Malaysia benchmark stock index ended the early session nearly unchanged while key regional markets rallied on news that US-Canada trade talks were making headway.
At 12.30pm, the FBM KLCI was up a marginal 0.07 points to 1,528.33 after having lost a 10-point lead earlier in the day.
The declining issues on the market slightly edged out advancing 414 to 398. Volume was 2.16 billion shares changing hands for RM1.05bil.
On the FBM KLCI, there was a slump in bank stocks, which erased the morning gains - Hong Leong Bank dropped 26 se to RM19.52, Maybank shaved seven sen to RM9.74 and Public Bank dipped one sen to MR5.02.
Gamuda, meanwhile, jumped 11 sen to RM4.76 on optimism over its prospects while Tenaga Nasional gained 14 sen to RM14.40.
Outperformers of the day included SAM Engineering rising 19 sen to RM4.15, British American Tobacco gaining 13 sen to MR4.56 and Pentamaster climbing 12 sen to RM3.15.
Stock markets in Asia were mostly optimistic as Canada had announced it had withdrawn its digital services tax to pave the way for smoother trade negotiations with the US.
Japan's Nikkei rose 1.47% to 40,471, China's composite index gained 0.2% to 3,431 and Hong Kong's Hang Seng dipped 0.42% to 24,182.
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Bursa Malaysia closed slightly higher today, lifted by buying in utilities and telco stocks, as investors assessed key economic data from China, South Korea and Japan. On the local front, the market is showing signs of recovery with easing bearish momentum, better trading volume and gradually improving investor sentiment. The FBM KLCI is expected to fluctuate between 1,520 and 1,550 for the week. Meanwhile, the ringgit strengthened against the US dollar to 4.2100. In the crypto market, Bitcoin slipped to about RM454,000. Ethereum climbed to RM10,434, while Solana eased to RM633. That's it for Market Pulse.
