Bursa Malaysia's Key Index Ends At Intraday High

By Zufazlin Baharuddin

KUALA LUMPUR, July 30 (Bernama) -- Bursa Malaysia's key index closed at an intraday high today, supported by continued buying interest even as renewed geopolitical tensions and a weaker overnight lead from Wall Street following the US Federal Reserve's (Fed) decision to stand pat on interest rates weighed on broader sentiment.

The Fed has decided to hold rates steady for the fifth consecutive meeting, with the Federal Funds Rate unchanged between 3.50 per cent and 3.75 per cent.

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.84 points to 1,720.40 from yesterday’s close of 1,715.56.

The benchmark index, which opened 1.14 points lower at 1,714.42, hit its lowest level of 1,710.69 in early trade before gaining momentum for the rest of the day.

However, the broader market was negative with losers outpacing gainers 581 to 411, while 612 counters were unchanged, 1,173 untraded, and 87 suspended.

Turnover declined to 2.49 billion units valued at RM2.25 billion from 2.96 billion units valued at RM2.48 billion on Wednesday.

IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said the FBM KLCI closed higher as investors rotated into consumer and plantation stocks despite a weaker US Wall Street sentiment.

“The local market diverged from its regional peers, with selective buying in defensive and commodity-linked sectors providing support to the benchmark index,” he told Bernama.

However, he noted that investor sentiment remained cautious following the rebound in crude oil prices, driven by renewed hostilities between the United States and Iran, which reignited concerns over potential supply disruptions and broader geopolitical risks.

“While the domestic market demonstrated resilience, escalating tensions in West Asia continue to cloud the near-term outlook and could keep volatility elevated across regional equities,” he added.

Among heavyweights, Maybank, Tenaga Nasional and CIMB added two sen each to RM10.88, RM14.62 and RM7.83 respectively, Public Bank inched up one sen to RM5.16, while IHH Healthcare was unchanged at RM8.35.

Of the active stocks, Zetrix AI perked up one sen to 71.5 sen, Steel Hawk gained 1.5 sen to 23 sen, while VS Industry shed 1.5 sen to 22 sen, and HHRG and Tanco Holdings both slid one sen to 12.5 sen and 24.5 sen respectively.

As for the top gainers, Nestle advanced RM2.72 to RM99.50, Fraser & Neave Holdings garnered 60 sen to RM28.00, Kuala Lumpur Kepong rose 44 sen to RM21.20, Allianz Malaysia climbed 20 sen to RM21.20, and Westports Holdings jumped 17 sen to RM7.00.

Malaysian Pacific Industries led the losers list, falling RM1.12 to RM43.00, United Plantations lost 30 sen to RM33.70, Ideal Capital sank 20 sen to RM3.80, Chin Teck Plantations declined 22 sen to RM10.82, and Batu Kawan slipped 18 sen to RM21.00.

On the index board, the FBM Emas Index increased 21.52 points to 12,694.33, the FBM Top 100 Index put on 24.14 points to 12,531.31, the FBM Mid 70 Index erased 12.84 points to 17,968.79, the FBM Emas Shariah Index expanded 25.12 points to 12,530.49, and the FBM ACE Index eased 1.94 points to 4,922.77.

Sector-wise, the Financial Services Index gained 36.84 points to 20,253.81, the Industrial Products and Services Index edged up 0.67 of a point to 187, the Plantation Index rose 25.14 points to 9,327.06, and the Energy Index improved 0.38 of a point to 764.06.

The Main Market volume declined to 1.19 billion units valued at RM1.98 billion compared to 1.32 billion units valued at RM2.16 billion on Wednesday.

Warrants turnover slipped to 863.66 million units worth RM122.51 million versus 1.16 billion units worth RM148.38 million previously.

The ACE Market volume decreased to 425.20 million units valued at RM153.01 million from 478.75 million units valued at RM173.06 million yesterday.

Consumer products and services counters accounted for 141.57 million shares traded on the Main Market, industrial products and services (226.37 million), construction (71.27 million), technology (235.46 million), financial services (75.58 million), property (171.89 million), plantation (24.38 million), real estate investment trusts (14.57 million), closed-end fund (173,100), energy (79.44 million), healthcare (66.37 million), telecommunications and media (24.80 million), transportation and logistics (37.34 million), utilities (23.78 million), and business trusts (300).

-- BERNAMA