KUALA LUMPUR, July 5 ― Bursa Malaysia maintained its uptrend at midday, with the key index increasing by 0.18 per cent, lifted by buying interest in selected heavyweights, led by plantation stocks, despite the regional markets’ weaker performance.

Kuala Lumpur Kepong added 64 sen or 2.87 per cent to RM22.92 from RM22.28. The counter boosted the composite index by 1.15 points.

At 12.30pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.43 points to 1,394.92 from 1,392.49 at yesterday’s close.

The key index opened 0.11 of a point lower at 1,392.38 this morning and moved between 1,392.24 and 1,395.82 throughout the session.

However, the broader market was negative as decliners beat gainers 349 to 338, while 397 counters were unchanged, 1,151 untraded and 18 others suspended.

In a note today, Malacca Securities Sdn Bhd said the FBM KLCI shrugged off most of its intraday losses yesterday as profit-taking activities emerged after a brief rebound last week.

"We reckon that further recovery is in store with the key index looking to take another jab towards 1,400. The lower liners may continue to capitalise onto the calmer market condition on the back of rotational play,” it said.

Meanwhile, it said investors’ attention may shift towards the United States Federal Open Market Committee meeting minutes today to provide further clues over the pace of future interest rate hikes.

Commodities-wise, Brent crude oil tipped above US$76 (RM353) per barrel on expectations of further production cuts in anticipation of slower demand from China, while the crude palm oil price maintained above RM3,900 per tonne.

"The energy sector may take a cue from the stability in crude oil prices.

"We continue to favour the technology sector that is riding onto the recovery wave, tracking the positive developments on Nasdaq recently,” it said.

Malacca Securities said the telecommunications and media sector might be boosted by CelcomDigi’s launch of the MY5G Series to accelerate 5G adoption.

Among the heavyweights, Sime Darby Plantation improved seven sen to RM4.37, IOI Corporation went up four sen to RM3.85, and Axiata gained two sen to RM2.66.

However, Mr D.I.Y. slid four sen to RM1.55.

Of the actives, BTM Resources edged up half-a-sen to 9.5 sen, Parkson ticked up three sen to 22 sen, Sarawak Consolidated shrank one sen to 46 sen, while Widad and KNM were flat at 42 sen and eight sen, respectively.

On the index board, the FBM Emas Index increased 14.11 points to 10,272.93, the FBMT 100 Index pushed up 13.66 points to 9,969.46, the FBM Emas Shariah Index climbed 21.55 points to 10,551.93, the FBM 70 Index was 2.92 points firmer at 13,534.02, and the FBM ACE Index recovered 20.40 points to 5,115.27.

Sector-wise, the Financial Services Index put on 6.89 points to 15,490.06, the Industrial Products and Services Index inched up 0.24 of-a-point to 159.04, the Energy Index garnered 0.74 of-a-point to 793.15, and the Plantation Index jumped 83.15 points to 6,912.89. ― Bernama