KUALA LUMPUR, March 24 (Bernama) -- Bursa Malaysia remained lower at midday, weighed down by persistent selling in selected heavyweight stocks, led by the industrial products and services, financial services and transportation and logistics sectors.
At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 14.41 points, or 0.84 per cent, to 1,706.30 from last Thursday’s close of 1,720.71.
The benchmark index opened 11.38 points higher at 1,732.09 and fluctuated between 1,704.06 and 1,732.09 in the morning session.
The market breadth was negative, with 920 decliners leading 198 gainers. A total of 363 counters were unchanged, 1,284 untraded and 28 suspended.
Turnover stood at 1.71 billion units valued at RM1.87 billion.
Hong Leong Investment Bank Bhd said that mirroring Wall Street’s broad-based rally on rising hopes of de-escalation of the West Asia conflict and softer oil prices, the FBM KLCI is poised to re-enter risk-on mode post the long Hari Raya Aidilfitri break, even as the conflict enters its fourth week.
“Markets remain highly headline-driven, with ongoing repricing of geopolitical risks against a weakening macro backdrop of elevated energy prices, tighter financial conditions and slowing growth.
“Technically, support is seen at 1,684-1,700, while resistances are lined up at 1,730, followed by 1,754-1,761,” it said.
Among the heavyweights, Press Metal Aluminium was 34 sen lower at RM7.43, Maybank and MISC slipped 20 sen each to RM11.40 and RM8.13, Petronas Gas was 82 sen firmer at RM17.62 and Petronas Chemicals gained 20 sen to RM5.68.
On the most active list, Sunway Healthcare increased 6.0 sen to RM1.96, Tanco perked 1.0 sen to RM1.41, Zetrix AI went down 5.0 sen to 73.5 sen, Borneo Oil inched down half sen to half sen, Capital A lost 1.5 sen to 40.5 sen and AirAsia X was 6.0 sen lower at RM1.17.
Of the top gainers, Fraser & Neave increased 58 sen to RM29.88, Dutch Lady Milk Industries put on 30 sen to RM32.00, Bintulu Port advanced 10 sen to RM5.30, Country View and TMK Chemical rose 7.0 sen each to RM3.09 and RM1.37.
Top losers included Nestle, which slid RM2.38 to RM98.02, United Plantations went down RM1.36 to RM33.46, Hong Leong Financial shed 80 sen to RM19.20, Allianz Malaysia reduced 54 sen to RM20.78, and Malaysian Pacific Industries lost 52 sen to RM29.08.
On the index board, the FBM Top 100 Index edged down 129.18 points to 12,259.61, the FBM Emas Shariah Index fell 133.09 points to 12,134.21, and the FBM Emas Index trimmed 140.39 points to 12,398.41. The FBM 70 Index declined 292.77 points to 16,850.21, and the FBM ACE Index weakened 91.11 points to 4,313.18.
By sector, the Industrial Products and Services Index edged down 2.68 points to 180.48, the Plantation Index decreased 114.28 points to 8,574.62, the Energy Index reduced 4.25 points to 789.56, and the Financial Services Index dropped 274.68 points to 20,404.44.
-- BERNAMA
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