KUALA LUMPUR, Sept 24 — Bursa Malaysia ended the morning session in the negative territory, slipping below the 1,590-level benchmark due to constant selling in selected heavyweight counters.

At lunch break, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased 3.59 points to 1,589.34 from yesterday’s close of 1,592.93.

The index opened 0.57 of-a-point higher at 1,593.50.

Market breadth was negative as losers overwhelmed gainers 387 to 261 with 385 counters unchanged, 952 untraded and 23 others suspended.

Turnover stood at 1.08 billion shares worth RM664.25 million.

An analyst said Petronas Chemical continued its sideways trading since yesterday, along with Maybank which had dragged the index further.

Maybank slipped seven sen to RM8.65 while Petronas Chemical shed 11 sen to RM7.43.

"Maybank holds 10.88 of the composite index (CI) while Petronas Chemical holds 6.70. The dip in both stocks had caused the total CI (Composite Index) to decline by 2.74 points,” she said. 

The overall market she added was trading on a cautious note as investors remained wary of the global economic slowdown and rising trade tensions which had taken a toll on corporate earnings growth.

"The market barometer had slipped below 1,590, and without a strong push, it could test 1,580 support benchmark, which will see lower the resistance level to 1,590,” she told Bernama.

As for other segments, the inflow in small and mid-sized capital stocks, as well as the ACE market were muted with occurrences of minimal profit-taking, she said.

Other blue-chip stocks, Tenaga Nasional shed four sen to RM13.60 and IHH declined three sen to and RM5.66.

The FBM Emas Index declined 18.06 points to 11,234.36, the FBMT 100 Index dropped 18.45 points to 11,067.38 and the FBM Emas Shariah Index shed 19.05 points to 11,754.76.

The FBM 70 appreciated 3.86 points to 13,936.41 and the FBM Ace weakened 25.32 points to 4,546.96.

Sector-wise, the Financial Services Index dipped 24.74 points to 15,428.66, the Plantation Index was weaker by 10.91 points at 6,711.54 and the Industrial Products & Services Index was 0.65 points lower at 152.60. — Bernama