corporate

Bursa Malaysia closes mixed at midday in line with regional markets  

KUALA LUMPUR: Bursa Malaysia saw mixed performance at the midday, reflecting the regional trend before the US Federal Reserve announced the interest rates later today. 

At 12.30pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 2.25 points to 1,613.74 from Tuesday's close of 1,611.49.  

The FBM KLCI opened 5.14 points higher at 1,616.63 and fluctuated between 1,613.09 and 1,618.99 throughout the session. 

On the broader market, decliners outpaced gainers 593 to 578, while 468 counters remained unchanged. 

Turnover stood at 4.7 billion units worth RM2.86 billion. 

In a note today, Malacca Securities Research expects traders to take a cautious view ahead of the conclusion of the two-day Federal Open Market Committee (FOMC) meeting, as it may dictate the interest rate direction going forward.  

The firm said at this juncture, it is widely anticipated that the Fed will keep the interest rate unchanged. 

"We are still positive on the technology sector driven by the rising demand on data centre investments recently into Malaysia. 

"With several property players announcing land sale to data center providers and multi-national corporations (MNCs), we opine that the further upward re-rating of property players may stay for the near term as their land bank will be revalued higher for now.  

"Other sectors that may benefit include construction, building material, utilities and renewable energy," it added.

Most Popular
Related Article
Says Stories