BURSA MALAYSIA LOWER AT MIDDAY ON PROFIT-TAKING

KUALA LUMPUR, May 5 (Bernama) -- Bursa Malaysia was lower at midday today on profit-taking in most index-linked counters, while tracking the lower United States (US) stock futures market, which edged lower.

At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined by 0.45 per cent, or 7.05 points, to 1,535.44 from last Friday’s close of 1,542.49. 

The benchmark index opened 0.71 of-a-point easier at 1,541.78 and moved between 1,535.35 and 1,548.95 throughout the morning trading session. 

Market breadth was negative as 592 decliners trumped 278 gainers, while 416 counters were unchanged, 1,059 untraded, and 27 suspended.

Turnover stood at 1.46 billion shares worth RM1.08 billion.

A news report said the weaker US stock futures on Sunday evening signalled a potential cooldown after the S&P 500 wrapped up its longest winning streak in over 20 years. 

Meanwhile, on the local front, Malacca Securities Sdn Bhd opined that technology stocks would be the main beneficiaries of foreign fund inflows as the sector largely depends on foreign direct investment (FDI) and was heavily sold down in April. 

In a note today, the brokerage firm said it expects the benchmark resistance to be around 1,557-1,562, while support is located at 1,522-1,527 for today. 

Among the heavyweights, MISC was 33 sen easier at RM7.18, CelcomDigi and Gamuda dropped 7.0 sen each to RM3.78 and RM4.33, respectively, 99 Speed Mart Retail fell 4.0 sen to RM2.23, and Sunway slid 8.0 sen to RM4.71. 

In active trade, SFP Tech gained 1.5 sen to 23.5 sen, while ACE Market debutant West River shed 1.5 sen to 37.5 sen, Nationgate shaved 6.0 sen to RM1.46, Focus Dynamics was half-a-sen lower at 1.5 sen and Jaks was flat at 12.0 sen. 

On the index board, the FBM Emas Index was 75.68 points lower at 11,413.69, the FBMT 100 Index depreciated 70.19 points to 11,187.05, and the FBM Emas Shariah Index weakened 118.77 points to 11,271.58.

The FBM 70 Index dwindled 176.10 points to 16,098.44, and the FBM ACE Index slid 39.42 points to 4,609.78.

Across sectors, the Financial Services Index rose 4.85 points to 18,245.80, while the Industrial Products and Services Index fell 0.92 of-a-point to 151.37, the Energy Index trimmed 16.92 points to 678.05, and the Plantation Index dropped 23.20 points to 7,260.57.

-- BERNAMA