Energy, technology stocks lift Bursa at midday

KUALA LUMPUR (Jan 11): Bursa Malaysia ended the morning session higher on Wednesday (Jan 11), boosted by steady gains in the energy and technology sectors, amid positive regional market performance, said a dealer. 

Gains in both sectors continued to support the FBM KLCI, contributing 3.08%.

At lunch break, the benchmark index had grown by 0.90 of a point to 1,486.03, from Tuesday’s close at 1,485.13.

The market bellwether, which opened 1.91 points better at 1,487.04, moved between 1,484.21 and 1,487.69 throughout the morning session. 

Market breadth was also positive, with gainers outpacing decliners 479 versus 322, while 365 counters were unchanged, 1,035 untraded, and 10 others suspended.

Turnover amounted to 2.13 billion units worth RM1.04 billion.

Malacca Securities Sdn Bhd believed the local bourse could be on track for further recovery, as the reopening of China’s border will dominate investors’ sentiment over the near term, while expectations of tighter monetary policy may continue to weigh on the market.

“Investors may favour the technology sector following the advance in the Nasdaq overnight,” it said in a note on Wednesday.

The brokerage also said transportation and logistics stocks may stage a rebound following the pullback on Tuesday, supported by China’s reopening theme.

“Besides, the energy sector gained traction, with the crude oil price crossing slightly above the US$80 per barrel mark,” it said.

Among Bursa heavyweights, Inari Amertron Bhd added two sen to RM2.66, Digi.Com Bhd gained eight sen to RM4.06, Malayan Banking Bhd (Maybank) inched up four sen to RM8.83 and CIMB Group Holdings Bhd rose four sen to RM5.76, while Dialog Group Bhd shed one sen to RM2.54.

As for the actives, Dagang NeXchange Bhd (DNeX) climbed six sen to 56.5 sen, DS Sigma Holdings Bhd earned two sen to 66 sen, while Citaglobal Bhd eased one sen to 34 sen, Berjaya Corp Bhd slid 2.5 sen to 32.5 sen, and Icon Offshore Bhd was unchanged at 9.5 sen.

On the index board, the FBM Emas Index garnered 23.96 points to 10,716.56, the FBMT 100 Index advanced 20.18 points to 10,415.81, the FBM Emas Shariah Index inched up 14.00 points to 10,907.34, the FBM 70 Index climbed 85.83 points to 13,279.67, and the FBM ACE Index was firmer by 56.40 points to 5,433.23.  

Sector-wise, the Energy Index perked 15.37 points to 811.43, the Technology Index improved 0.74 of a point to 65.02, the Financial Services Index bagged 67.81 points to 16,548.14, the Plantation Index increased 6.85 points to 6,931.25, and the Industrial Products and Services Index went up 0.34 of a point to 182.79.