KUALA LUMPUR, Dec 16 — Bursa Malaysia ended the morning session on a lower note due to selling pressure on heavyweights, led by Petronas-linked counters.

At 12.30pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined 0.55 of-a-point to 1,570.61 from Friday’s close of 1,571.16.

The index opened 2.73 points lower at 1,1568.43.

Market breadth was negative as decliners overtook gainers 388 to 302, while 381 counters were unchanged, 915 untraded and 16 others suspended.

Turnover amounted to 1.20 billion shares worth RM760.10 million.

An analyst said that Petronas-linked counters have been in the limelight since last week after the national oil and gas company completed block trades of its MISC, Petronas Dagangan and Petronas Gas shares.

"We can see that these counters recorded a gain last week as fund managers went bargain hunting for the stocks. What we see today is just a mild profit taking.

"Petronas-linked counters are among the most sought after blue chips in the market and it will rebound, backed by higher oil price and future prospects,” she said.

During the morning session, Petronas Dagangan shed 48 sen to RM23.06 and Petronas Gas declined 26 sen to RM16.68, while Dialog declined three sen to RM3.41, IHH slipped four sen to RM5.36 and Kuala Lumpur Kepong shed eight sen to RM24.62.

Of the actives, Ecovest was up two sen to 92.5 sen, Iskandar Waterfront rose five sen to RM1.07 while WCE gained 1.5 sen to 34.5 sen.

As for top gainers, Genting Plantation was 24 sen higher at RM10.64, Ajinamoto and MISC rose 18 sen to RM14.98 and RM8.51 respectively; while for top losers, United Plantation declined 52 sen to RM25.65, LPI Capital lost 16 sen to RM14.60 and Manulife declined 14 sen to RM2.35.

The FBM Emas Index dropped 2.92 points to 11,184.66, the FBM Emas Shariah Index depreciated 11.10 points to 11,823.87 while the FBMT 100 Index eased by 4.06 points to 10,981.73.

Meanwhile, FBM Ace declined 14.53 points to 4,978.40 and the FBM 70 skidded 5.85 points to 14,013.15.

Sector-wise, the Financial Services Index jumped 16.97 points to 15,270.01, the Industrial Products and Services Index declined 0.32 of-a-point to 152.46 and the Plantation Index slipped 0.87 of-a-point to 7,495.54. — Bernama