Bursa Malaysia dips midday amid profit-taking, US-Iran tensions
KUALA LUMPUR: Bursa Malaysia was almost flat at midday, with buying support in selected heavyweights offset by profit-taking in consumer products and services counters.
At 12.30pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.58 per cent or 8.77 points lower at 1,503.18, compared with Wednesday's close of 1,511.95.
The benchmark index opened 0.99 of a point higher at 1,512.94 and traded between 1,501.68 and 1,512.94 throughout the morning session.
The broader market was negative, with 608 losers outpacing 219 gainers, while 392 counters were unchanged. A total of 1,193 counters were untraded and 13 suspended.
Turnover stood at 1.8 billion shares valued at RM765 million.
Maybank Investment Bank Bhd said the FBM KLCI continued to contract today as US President Donald Trump kept the world guessing about potential US military action against Iran.
"Broad market sentiment remains weak, although the transportation and logistics sector index emerged as a bright spot.
"Westports Holdings Bhd attempted to trade in positive territory for a fourth consecutive day following tariff hike news from earlier this week," the firm said.
Maybank IB added that local energy stocks pulled back as Brent crude oil futures hovered around the US$76.4 level.
Given the current trading environment, it said investors should monitor downside risks and set strict take-profit and stop-loss levels.
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