KUALA LUMPUR (Feb 27): The FBM KLCI remained in positive territory at midday on Tuesday, driven by continued buying activities in selected heavyweights, mainly the utilities sector. 

YTL Corp Bhd gained 18 sen to RM2.68 a share, and YTL Power International Bhd edged up 12 sen to RM4.18. These counters pulled the composite index up by a combined 4.91 points.  

At 12.30pm, the benchmark index had increased 6.33 points to 1,553.93, from Monday’s close at 1,547.60.

The benchmark index, which opened 2.08 of a point weaker at 1,545.52, moved between 1,545.16 and 1,554.25 in the morning session. 

However, market breadth was negative, with losers surpassing gainers 580 to 409, while 400 counters were unchanged, 920 untraded, and 47 others suspended.

Turnover amounted to 2.21 billion units worth RM1.49 billion.

Malacca Securities Sdn Bhd expects YTL-related companies to remain in focus, as they are deemed cheap based on forward valuations.

"Meanwhile, we like the technology sector, with the release of stronger results from D&O Green Technologies Bhd, amid stronger demand from the automotive segment.

"Also, a strong set of results from Public Packages Holdings Bhd could provide an upside opportunity for the packaging industry.

"Still, we favour the consumer as well as oil and gas sectors, as Able Global Bhd, Lay Hong Bhd and Deleum Bhd have recorded solid growth this quarter," it said.  

Meanwhile, Hong Leong Investment Bank Bhd said Bursa Malaysia may continue to waver during the peak of the fourth-quarter results season this week, as well as bracing for the major economic data from the US, China and Japan.

"However, persistent net inflows by foreign investors for the fourth consecutive month (up RM2.2 billion year-to-date, versus RM2.6 billion lower in 2023), coupled with an uptick in foreign shareholding to 19.6% in January (versus 19.5% in December 2023), amid a weak ringgit, undemanding valuation, steady economic growth and improving domestic politics, may cushion further downside risk to the KLCI (support: 1,522-1,533; resistance: 1,570-1,580-1,600)," it said.

Among other heavyweights, CelcomDigi Bhd gained five sen to RM4.39 a share, Axiata Group Bhd improved four sen to RM2.78, while Petronas Chemicals Group Bhd slid 12 sen to RM6.87, and MISC Bhd lost four sen to RM7.47. 

Of the actives, Hong Seng Consolidated Bhd at 2.5 sen and TWL Holdings Bhd at four sen had increased half a sen each, and PUC Bhd widened 1.5 sen to six sen, but Cape EMS Bhd declined 17.5 sen to 95.5 sen.

On the index board, the FBM Emas Index was 27.46 points firmer at 11,524.74, the FBMT 100 Index went up 32.12 points to 11,180.81, the FBM Emas Shariah Index lifted 12.64 points to 11,542.56, but the FBM 70 Index reduced 10.89 points to 15,496.84, and the FBM ACE Index shed 56.40 points to 4,789.40.

Sector-wise, the Financial Services Index rose 7.55 points to 17,326.96, the Plantation Index strengthened 14.19 points to 7,173.88, and the Energy Index was 8.52 points higher at 927.71, but the Industrial Products and Services Index inched down 0.78 of a point to 177.15.