FBM KLCI ends morning session higher

KUALA LUMPUR: The FTSE Bursa Malaysia KLCI (FBM KLCI) ended the morning session higher today, buoyed by renewed buying interest in selected blue chips, despite cautious sentiment amid heightened geopolitical tensions.
At 12.30 pm, the benchmark index rose 6.61 points, or 0.44 per cent, to 1,509.35 compared with Friday's close of 1,502.74.
The FBM KLCI, which opened 9.55 points lower at 1,493.19, fell as low as 1,488.89 in early trade before climbing to a high of 1,509.77 towards lunch break.
However, the broader market was negative with decliners trouncing gainers 730 to 175, while 412 counters were unchanged, 1,115 untraded and 39 suspended.
Turnover stood at 2.04 billion units worth RM960.69 million.
Malacca Securities Sdn Bhd said the escalating geopolitical tensions in the Middle East may spur buying interest in gold and oil and gas-related counters.
"Despite the ongoing tensions, we remain positive on the construction and utility sectors, as the former benefits from public infrastructure developments and data centre investments across the country while the latter is supported by Tenaga Nasional's power grid upgrades," it said.
Among the heavyweights, Maybank edged up one sen to RM9.67, Tenaga Nasional gained 12 sen to RM14.34, Public Bank added five sen to RM4.26, CIMB garnered six sen to RM6.71 and IHH Healthcare was flat at RM6.85.
As for the most active stocks, PUC, MYEG and Dnonce Technology all remained unchanged at two sen, 90.5 sen and three sen, respectively, while Reservoir Link rose half-a-sen to 37.5 sen.
On the index board, the FBM Emas Index notched up 12.62 points to 11,241.61, the FBMT 100 Index increased 18.95 points to 11,034.40, and the FBM Emas Shariah Index improved 2.25 points to 11,203.59.
However, the FBM 70 Index shrank 101.68 points to 16,016.07 and the FBM ACE Index fell 42.27 points to 4,358.58.
Sector-wise, the Financial Services Index advanced 30.15 points to 17,498.53 and the Energy Index edged up 9.28 points to 744.99, while the Industrial Products and Services Index slid 0.45 of-a-point to 146.82 and the Plantation Index dipped 8.67 points to 7,211.85.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Barnama

an hour ago

• Barnama

KLCI Futures Lower In Early Trade

KUALA LUMPUR, June 23 (Bernama) -- FTSE Bursa Malaysia KLCI (FBM KLCI) futures on Bursa Malaysia Derivatives were lower in early trade on Monday, tracking the underlying cash market. At 9.28 am, the June 2025 and July 2025 contracts dropped 8.0 points to 1,488.0 and 1,486.0, respectively. September edged 7.0 points lower to 1,468.0, and December 2025 fell 9.5 points to 1,470.50. Turnover stood at 3,423 lots, with open interest at 40,823 contracts.

Focus Malaysia

3 hours ago

• Focus Malaysia

Global markets on edge as conflict risks push oil prices higher

THE US strikes on Iran's nuclear facilities over the weekend has marked its direct involvement in the Israel-Iran war, which we fear could escalate an already volatile situation in the Middle East. If this conflict is prolonged, it could further destabilise the fragile market sentiment, which has been weighed down by weak economic conditions. In the short-term, the uncertainty could prop up oil prices, exacerbating inflationary pressure and sending bond yield higher, especially in the developed countries – US, Europe, Japan. Iran's parliament has now voted to close the Strait of Hormuz, where c.30% of global seaborne oil trade flows through the chokepoint. 'We believe the market will remain in a cycle of risk aversion with investors shying away from risky assets, until peace and stability prevail,' said Public Investment Bank (PIB). Although global market has regained losses since the announcement of a 90-day tariff pause in April, this trend could reset. We maintain our bearish outlook, favouring defensive stocks that predominantly focusing on the domestic market i.e. Maybank, Telekom, TNB, CCK and IGB Comm REIT. While we have a neutral call on the oil and gas sector, we believe there is upside risk in the immediate term, we have Outperform rating on Hibiscus and Bumi Armada. Since the start of the Israel-Iran conflict on 13 June, the US has largely refrained direct engagement in the war with its Secretary of State Marco Rubio stressing Israel has acted unilaterally while President Donald Trump announcing, just last week, that he will decide whether or not the US gets involved within the next two weeks. However, within days, the US has changed the course of the conflict, launching strikes on three Iranian nuclear facilities on 21 June. Promising to be a 'peacemaker' in his run up to return to the White House, Trump has taken a dramatic step by bringing US directly into the conflict. Should this escalate into a protracted conflict, it could strain the US' fiscal deficit even further, which is projected at about 6.2% of GDP in 2025. This should also increase its swelling debt, which stood at about 123% of GDP. Note that US artillery stockpiles are depleting quickly due to increased demand while the urgency to replenish may be constrained by limited rare earth supplies from China. The US military industrial base is already facing challenges in ramping up production to meet increasing demand from Ukraine and Gaza. Although Trump claimed the Iranian nuclear facilities had been destroyed by the US bunker-blaster, the extent of damage to the underground enrichment plants remains unclear, especially Fordow which is believed to be buried at a depth of 80-90m with mountain above ground. Iran could retaliate by closing the Strait of Hormuz or launching attacks on the US military base. The US operates a broad network of military sites, both permanent and temporary, across approximately 19 locations in the Middle East. The uncertainty in the Middle East is likely to cause a spike in oil prices as the region contributes to 30% of the world's total output, with Iran being the third-largest OPEC producer. If there is no material disruption to global supply of oil with the Strait of Hormuz remains accessible (the final decision now lies with Iran's national security council after the parliament voted to close the critical oil trade route), this may well be short-lived, as there is still ample supply of oil in the market while global demand could weaken due to slowdown in international trade following the increase in tariffs. Nonetheless, given the uncertainty and risk of escalation, oil prices are likely to surge in the immediate term while investors would rush to safe-haven assets (likely to be gold or JPY instead of USD or Treasuries) and avoid risky investments such as equities. US CPI remains under control partly due to low energy prices but a protracted conflict in the Middle East could potentially lead to a sustainable rise in energy prices, increasing the likelihood of the US economy slipping into a stagflation in 2H 2025. —June 23, 2025 Main image: Maukerja

New Straits Times

3 hours ago

• New Straits Times

Bursa Malaysia rebounds to close at day's high on bargain hunting

KUALA LUMPUR: Bursa Malaysia reversed its morning losses to close higher, supported by bargain hunting and sustained local investor interest. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 13.87 points, or 0.92 per cent, to 1,516.61 from Friday's close of 1,502.74. The index opened 9.55 points lower at 1,493.19 and fell as low as 1,488.89 in the morning session before trending up to close at its intraday high. The broader market, however, was negative, with losers outpacing gainers 697 to 274, while 490 counters were unchanged, 932 untraded and 41 suspended. Turnover surged to 3.09 billion units worth RM1.91 billion against 2.6 billion units worth RM3.37 billion on Friday. UOB Kay Hian Wealth Advisors Sdn Bhd investment research head Mohd Sedek Jantan said the FBM KLCI recovered from an early dip below a key psychological level as markets reacted impulsively to the United States' strikes on three Iranian nuclear facilities over the weekend. He noted that while the initial sell-off reflected heightened geopolitical anxiety, the index rebounded strongly, supported by bargain hunting and sustained local investor interest. "Historically, markets tend to absorb such shocks relatively quickly, with the direct impact of geopolitical risks often proving short-lived," he told Business Times. Sedek added that the ongoing Iran-Israel conflict has led to a spike in global oil prices, but the immediate pass-through to domestic inflation remains limited. Meanwhile, he said, export-oriented stocks may derive temporary support from a strengthening ringgit, as currency appreciation can lower import costs and reflect greater investor confidence. "However, this advantage may be offset if global demand slows or trade orders are delayed—developments that could weigh on revenue visibility and corporate earnings in the coming quarters," he said. Even though the ringgit was slightly weaker today, Sedek said the exchange rate is still considered stronger compared to last year's average.