Bursa Malaysia closes lower at mid-day, weighed down by financial services sector
KUALA LUMPUR: Bursa Malaysia extended its decline during the mid-day trading session, primarily weighed down by the financial services sector. At 12:30 PM, the FTSE Bursa Malaysia KLCI (FBM KLCI) dropped 0.34%, losing 5.51 points to settle at 1,635.43, down from Thursday's closing value of 1,640.94.
Market sentiment was negative overall, with 512 declining stocks outpacing 331 gainers.
According to Malacca Securities Sdn Bhd, investor focus is likely to center on Public Bank Bhd and LPI Capital Bhd following the bank's proposal to acquire a stake in LPI. Additionally, traders are expected to position themselves ahead of Budget 2025, particularly in sectors such as e-invoicing, construction, property, building materials, utilities, and consumer industries, amid speculation about potential mega projects and subsidy realignment.
The firm also anticipates a rebound in plantation and oil and gas (O&G) stocks, driven by the recent surge in crude oil and crude palm oil (CPO) prices.
In the commodities market, Brent crude oil surged over 3%, fueled by ongoing concerns in the Middle East and expectations of increased energy demand from the US and China, following the release of stimulus packages. Meanwhile, gold saw a slight rebound, rising above US$2,630, and crude palm oil closed near RM4,300.
Public Bank remained the most actively traded stock, declining 4.38%, or 20 sen, to RM4.37, from its previous price of RM4.57.
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