Bursa Malaysia stays lower at midday, in sync with weaker regional sentiment
At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slid 7.42 points to 1,579.18 from yesterday's close of 1,586.60.
The benchmark index had opened 0.31 of a point firmer at 1,586.91 and moved between 1,577.81 and 1,595.31 throughout the morning trading session.
Market breadth was negative with 577 losers outpacing 307 gainers, while 491 counters were unchanged, 1,189 untraded and 17 suspended.
Turnover stood at 1.40 billion units worth RM1.17 billion.
Hong Leong Investment Bank Bhd said Wall Street was higher overnight as softer-than-expected United States (US) consumer price index reinforced bets on a rate cut during the US Federal Open Market Committee meeting on Sept 17.
"Risk sentiment was further buoyed by US President Donald Trump's 90-day tariff truce with China and optimism ahead of the Trump-Putin ceasefire summit in Alaska, aimed at ending the three-year Russia-Ukraine war.
"Focus now turns to tonight's US Producer Price Index print for clues on the US Federal Reserve's preferred inflation gauge,' it said in a research note today.
Back home, it noted that the FBM KLCI surged to almost the 1,590 mark at the close yesterday, signalling sustained bullish momentum, with resistances revised higher to 1,600, 1,615, and 1,640 levels.
"On a healthy pullback, key supports are located at 1,571, 1,557, and 1,547. A decisive break below these levels may lead to a deeper consolidation towards 1,535 and 1,522 levels,' it said.
However, it said near-term volatility may persist, weighed by persistent foreign selling.
The investment bank highlighted the year-to-date outflows of RM14.50 billion -- the highest since 2020's RM24.6 billion pandemic-induced exodus -- and the tariff overhang as Malaysia awaits clarification from the US on Malaysia-made chips after Trump proposed a 100 per cent levy on semiconductor chips made outside the US.
"Also, near-term volatility could persist, weighed by muted earnings season and limited upside catalysts from corporate results.
"Domestic policy risks, namely ongoing concerns over subsidy rationalisation and potential sales and service tax expansion, may dampen consumer sentiment and cloud earnings visibility,' it said.
Among the heavyweights, YTL Power International eased 13 sen to RM4.16, YTL Corporation fell 8.0 sen to RM2.49 and Tenaga Nasional went down 14 sen to RM13.66, while IHH Healthcare was 4.0 sen higher at RM6.95 and Petronas Chemicals added 3.0 sen to RM3.63.
In active trade, Oxford Innotech advanced 2.5 sen to 40.5 sen, Mtouche Technology and TWL inched up half-a-sen to 3.5 sen and 3.0 sen, respectively, and Tanco rose 1.5 sen to 72 sen, while XOX Technology slipped half-a-sen to 3.0 sen.
Across the broader market, the FBM Emas Index slid 58.86 points to 11,745.32, the FBMT 100 Index trimmed 60.56 points to 11,528.45, the FBM Emas Shariah Index decreased 63.48 points to 11,705.07, the FBM ACE Index weakened 11.57 points to 4,643.04, and the FBM Mid 70 Index declined 115.49 points to 16,660.87.
Sector-wise, the Financial Services Index slipped 37.65 points to 18,036.25, the Plantation Index reduced 17.61 points to 7,580.38, the Industrial Products and Services Index inched down 0.17 of a point to 158.34, and the Energy Index shaved 2.26 points to 735.38. - Bernama
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