KUALA LUMPUR (Jan 9): Bursa Malaysia stayed higher at midday on Tuesday, supported by buying activities in selected heavyweights led by the financial services sector, amid the better performance in most regional markets.

Public Bank Bhd added four sen to RM4.40 while Malayan Banking Bhd increased four sen to RM9.10. Both stocks lifted the composite index by a combined 2.07 points.

At 12.30pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 0.28% or 4.23 points to 1,499.93 from Monday's close of 1,495.70.

The benchmark index opened 1.47 points firmer at 1,497.17 and moved between 1,497.14 and 1,503.93 throughout the morning session.

However, in the broader market, decliners beat gainers 500 to 429, while 454 counters were unchanged, 836 untraded and 19 suspended.

Turnover amounted to 4.16 billion units worth RM2.08 billion.

In a note on Tuesday, Malacca Securities Sdn Bhd said it expects profit-taking to emerge in utility-related stocks as the sector has been rallying strongly over the past few days, while other sectors that have room to grow may include consumer, transportation and logistics, technology as well as industrial products.

“We believe the building materials sector may benefit from the recent rally in construction and property sectors on the back of the Kuala Lumpur-Singapore High-Speed Rail theme and the easing requirements of Malaysia My Second Home, while the heightened geopolitical tension in the Middle East could lift the shipping industry,” it said.

The brokerage firm said traders will be monitoring the inflation data this week, namely the US December consumer price index and producer price index to gauge the direction of the interest rates going forward.

On Bursa Malaysia, among other heavyweights, IHH Healthcare Bhd rose five sen to RM6.10, CelcomDigi Bhd gained three sen to RM4.22, and YTL Corporation Bhd went up three sen to RM2.28, while Petronas Chemicals Group Bhd slid six sen to RM7.16, and YTL Power International Bhd lost five sen to RM3.39.

Of the actives, TWL Holdings Bhd inched up half-a-sen to 4.5 sen, Asdion Bhd was half-a-sen higher at 13.5 sen, Industronics Bhd climbed two sen to 8.5 sen, Minetech Resources Bhd edged up one sen to 23 sen, while Hong Seng Consolidated Bhd and Saudee Group Bhd were both flat at three sen.

On the index board, the FBM ACE Index went up 0.18 of-a-point to 5,448.88, the FBM Emas Index was 23.06 points higher at 11,182.44, the FBMT 100 Index garnered 26.24 points to 10,827.60, the FBM 70 Index advanced 19.23 points to 15,153.07, and the FBM Emas Shariah Index expanded 10.10 points to 11,287.87.

Sector-wise, the Industrial Products and Services Index improved by 0.05 of-a-point to 178.24, the Financial Services Index jumped 79.85 points to 16,748.90, the Plantation Index increased 16.01 points to 7,081.74, while the Property Index lost 9.58 points to 913.02, and the Energy Index eased 3.70 points to 845.30.