Bursa Malaysia inches up as caution reins in bulls

KUALA LUMPUR: Bursa Malaysia ended the morning session slightly higher, lifted by gains in oil and gas stocks, although overall market sentiment remained cautious amid external uncertainties.
At the lunch break, the FBM KLCI rose 2.62 points or 0.17% to 1,526.46, rebounding from an intra-morning low of 1,523.22.
Losers outpaced gainers 446 to 278, while 477 counters were unchanged. Turnover stood at 1.6 billion shares worth RM883.6 million.
Oil and gas and related stocks were among the top gainers on Bursa Malaysia, buoyed by stronger oil prices amid escalating US-Iran tensions.
Hengyuan Refining Co added 11 sen to RM1.71 while Petron Malaysia Refining & Marketing gained 10 sen to RM3.68.
Dayang climbed five sen to RM1.90, Hibiscus rose five sen to RM1.55, Dialog added three sen to RM1.53 and Bumi Armada gained 0.5 sen to 48 sen.
Other gainers on Bursa Malaysia included PETRONAS Gas, up 16 sen to RM17.86, Chin Tek, up 13 sen to RM8.85, Hong Leong Financial Group, up 12 sen to RM16.70, and Maybank, up nine sen to RM9.79.
Among the losers, Hong Leong Industries slid 34 sen to RM13.28, F&N fell 22 sen to RM28.22, Heineken lost 14 sen to RM27.18, and Malaysian Pacific Industries declined 12 sen to RM21.20.
Malacca Securities expects the FBM KLCI to trade on a softer tone, mirroring the negative performance on Wall Street.
However, the research house remains positive on the construction sector, particularly on SunCon, following its recent RM1.16bil project win, which has boosted its outstanding order book to approximately RM7.9bil — representing a cover ratio of over two times its forecasted FY24 revenue.
'Traders may also focus on the O&G sector amid rising crude oil prices due to escalating geopolitical tension between US-Iran.
'Aside from healthy dividend payouts, we favour Sunway REIT for its active asset acquisition activities and defensive characteristics in weathering economic uncertainties,' Malacca Securities said.
Meanwhile, TA Securities expects blue-chip stocks to extend their gains, supported by optimism over easing US-China trade tensions.
However, it noted that further upside may be limited by lingering concerns over President Trump's unpredictable trade policies and the absence of clear progress on a US-Malaysia trade agreement.
'Immediate index support stays at 1,490, while stronger supports can be found at 1,465 and 1,444.

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