KUALA LUMPUR: The FBM KLCI sinks deeper into the red at midday as market sentiment weakens, while some energy counters gain ground amid escalating tensions in the Middle East.
At lunch break, the market bellwether lost 9.23 points, or 0.56%, to 1,632.32, recovering from its intra-morning low of 1,629.94. The Bursa Malaysia Energy Index surged 3.29% or 28.20 points to 886.01 points.
In the broader market, losers outnumbered gainers 581 to 302, with 1.82 billion shares worth RM1.12bil changing hands.
Malaysian Pacific Industries
led the losers' list on Bursa Malaysia, falling 46 sen to RM26.12. Pertama Digital tumbled 33.5 sen to 78.5 sen, F&N lost 32 sen to RM31.68 and Carlsberg fell 26 sen to RM19.40.
Among the oil and gas counters, Hengyuan jumped 35 sen to RM2.70, Dayang added 14 sen to RM2.37, Bumi Armada rose 1.5 sen to 49.5 sen, Alam Maritim climbed one sen to 3.5 sen and Petron added eight sen to RM4.56.
HeiTech Padu jumped 48 sen to RM4.13, Dutch Lady rose 28 sen to RM32.38 and Harrisons added 22 sen to RM8.56.
TA Securities stated that market sentiment will remain cautious due to worries over escalating tensions in the Middle East and ahead of the closely watched US September unemployment data due Friday night.
“Immediate index support will be the recent correction low of 1,630, with 1,620 and then 1,600 acting as stronger supports. Immediate resistance is set at 1,660, followed by the recent highs of 1,675 and 1,684, and then 1,695, Dec 2020 high, as tougher resistance levels,” it said.
Meanwhile, SPI Asset Management managing partner Stephen Innes noted that Asian stocks and bonds are stuck in narrow ranges, awaiting the U.S. jobs data to ignite interest rate expectations.
“Oil prices have calmed down after Thursday’s spike, sparked by rising tensions in the Middle East. But don’t be fooled—beneath this seemingly quiet surface, there’s a brewing storm,” he said, adding that while markets are holding steady and the geopolitical landscape is simmering, everyone knows the next move could dramatically shake things up.
“It's the kind of quiet that makes you feel like you're standing on the edge of something big, with all eyes on what comes next—be it in the Middle East or the next economic data drop. Everyone’s just bracing for the first rumble,” Innes said.
