Bursa Malaysia stays lower at midday

KUALA LUMPUR: Bursa Malaysia stayed lower at midday, dragged down by persistent selling in selected heavyweights, mainly the financial services as well as telecommunications and media counters.

Public Bank and Axiata eased three sen each to RM4.24 and RM2.41, respectively. Both counters pulled the composite index down by a combined 1.41 points.

At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) decreased by 2.38 points to 1,453.20 from yesterday’s close of 1,455.58.

The FBM KLCI opened 1.18 points firmer at 1,456.76 and moved between 1,452.50 and 1,457.86 throughout the morning trading session.

On the broader market, losers thumped gainers 368 to 313, while 444 counters were unchanged, 1,181 untraded and 12 others suspended.

Turnover stood at 1.78 billion units valued at RM897.69 million.

However, ActivTrades trader Anderson Alves said Asian equities are expected to trade in positive territory on Friday, as global counterparts exhibited strength in a subdued trading environment.

“It’s worth noting that trading flows at month-end and year-end will have a significant impact on market dynamics as we approach the close of the year and the holiday season.

“Market participants are currently busy rebalancing their portfolios and adjusting their exposure to close out the quarter,” he said.

In the United States (US), he said traders will closely monitor the US personal consumption expenditures inflation data, which could catalyse risk sentiment.

“If the data reveals further signs of easing inflation following the US Federal Reserve’s recent dovish stance, it might drive up risk assets and weaken the overall strength of the US dollar,” he added.

Among other heavyweights, CIMB lost two sen to RM5.78 and Tenaga Nasional slid three sen to RM9.97, while IHH Healthcare put on two sen to RM6.02 and Nestle was 60 sen higher at RM120.10.

Of the actives, Leform, Widad and Sarawak Consolidated edged up one sen each to 42.5 sen, 47.5 sen and 88.5 sen, respectively, Classita inched up half-a-sen to five sen, while Tanco was flat at 58.5 sen.

On the index board, the FBM 70 Index rose 21.45 points to 14,607.97 and the FBM Emas Shariah Index advanced 5.22 points to 11,008.32, while the FBM ACE Index declined 15.38 points to 5,211.20, the FBM Emas Index shed 7.23 points to 10,811.49 and the FBMT 100 Index fell 8.85 points to 10,476.98.

Sector-wise, the Industrial Products and Services Index inched up 0.43 of-a-point to 172.54, while the Plantation Index lost 7.01 points to 7,025.19, the Energy Index slid 2.29 points to 815.73, the Financial Services Index reduced 35.54 points to 16,232.53 and the Property Index slipped 1.38 points to 856.55. – BK