KUALA LUMPUR, Feb 6 (Bernama) -- Bursa Malaysia extended its downward momentum at midday on continued selling pressure in selected heavyweight counters, led by industrial products and services, transportation and logistics, as well as financial services sectors.
Petronas Chemicals fell 9.0 sen to RM3.17, MISC shed 14 sen to RM7.98, and CIMB slipped 5.0 sen to RM8.47. Collectively, these counters shaved 3.28 points off the composite index.
At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.18 per cent, or 3.09 points, to 1,727.93 from yesterday’s close of 1,731.02.
The barometer index opened 1.79 points lower at 1,729.23, and moved between 1,723.91 and 1,731.80 during the morning session.
On the broader market, decliners outpaced advancers 695 to 265, with 510 counters unchanged, 1,185 untraded, and 27 suspended.
Market turnover stood at 1.77 billion units valued at RM1.45 billion.
Malacca Securities Sdn Bhd expects the local bourse to continue mirroring the prevailing sentiment on Wall Street, but healthy bargain-hunting activities should resurface within the banking and REIT sectors.
“We understand that the US-Malaysia interest rate differential outlook may support the ringgit-strengthening narrative, while decent prospective dividend yields are expected to provide a buffer against near-term volatility.
“In view of the stronger ringgit environment, consumer stocks, particularly within the poultry sector, are in a ‘sweet spot’ to benefit; investors are therefore advised to accumulate positions ahead of their results (announcements) this month,” it said in a note today.
The stockbroking firm said after the local bourse closed lower yesterday, resistance is seen around 1,746-1,751, with support at 1,711-1,716.
Among other heavyweights, Tenaga Nasional lost 8.0 sen to RM13.90, Hong Leong Bank gave up 20 sen to RM24.76, Nestle slid RM1.10 to RM111.50, while Public Bank added 4.0 sen to RM4.94, and Telekom Malaysia rose 5.0 sen to RM7.90.
On the most active list, Zetrix AI eased 1.5 sen to 68 sen, ACE Market debutant AmBest Group gained 8.0 sen to 33 sen, GDB inched down half-a-sen to 39 sen, while Velesto Energy and Tanco were flat at 30 sen and RM1.34, respectively.
Top gainers included Petronas Dagangan, which added 18 sen to RM20.48, Perak Corporation advanced 12 sen to 70 sen, LPI Capital climbed 8.0 sen to RM15.28, while Sunway Construction and Life Water increased 7.0 sen each to RM5.94 and RM1.54, respectively.
Malaysian Pacific Industries led the decliners, falling RM1.40 to RM30.60, Nestle dropped RM1.10 to RM111.50, Fraser & Neave slipped 92 sen to RM32.96, Dutch Lady Milk Industries shrank 46 sen to RM33.00, and Hong Leong Financial Group slid 30 sen to RM22.50.
On the index board, the FBM Top 100 Index decreased 31.19 points to 12,440.76, the FBM Emas Index fell 35.76 points to 12,608.66, the FBM Emas Shariah Index declined 51.62 points to 12,073.70, the FBM ACE Index slipped 41.64 points to 4,592.71, while the FBM Mid 70 Index dipped 83.32 points to 17,215.19.
Sector-wise, the Financial Services Index lost 38.45 points to 21,435.59, the Plantation Index decreased 38.67 points to 8,303.71, the Energy Index shed 4.28 points to 736.37, and the Industrial Products and Services Index eased 1.16 points to 173.37.
-- BERNAMA
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