KUALA LUMPUR, June 24 ― Bursa Malaysia ended the morning session lower as sell-off intensified, but managed to stay above the crucial 1,500 level.

At noon break, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) lost 3.81 points to 1,503.23 from yesterday’s close of 1,507.04.

The index opened 0.34 point better at 1,507.38 and moved between 1,501.15 and 1,507.38 level throughout the session.

Gainers and losers equalling at 408, while 437 counters were unchanged, 678 untraded and 20 others suspended.

Total volume stood at 2.98 billion shares worth RM1.12 billion.

Among Bursa Malaysia's heavyweights dragging the index, Petronas Dagangan was 98 sen lower at RM21.70 and Maxis went down seven sen to RM5.33.

An analyst said oil edged today after the American Petroleum Institute (API) signalled another gain in US crude stockpiles at 1.749 million barrels for the week ending June 19 compared to expectation of 299,000 barrels.

IHH dropped five sen to RM5.38 and TNB depreciated eight sen to RM11.80.

However, plantation heavyweights remained on the uptrend, with Sime Darby Plantation adding seven sen to RM5.00 and KLK rising 28 sen to RM22.40, driven by bullish crude palm oil (CPO) prices.

Industry price forecasts range from RM1,800 per tonne to RM2,500 per tonne, versus the investment bank’s price forecast of RM2,300 per tonne, driven by the resumption of the B20 programme and export tax exemption on crude palm oil, crude palm kernel oil and processed palm kernel oil from July 1 to Dec 31, 2020.

Of the most actives, Trive Property was flat at one sen, while MQ Technology dropped two sen to 4.5 sen.

Netx was unchanged at 1.5 sen and AT Systematization dropped one sen each 10 sen.

On the index board, the FBM Emas Index slid 12.45 points to 10,579.12, the FBMT 100 Index depreciated 15.35 points to 10,426.48, while the FBM 70 advanced 25.22 points to 12,947.60.

The FBM Emas Shariah Index was 12.12 points lower at 12,012.87 and the FBM ACE slashed 35.86 points to 6,246.78.

Sector-wise, the Industrial Products and Services Index declined 0.01 point to 136.08, the Financial Services Index depreciated 12.43 points to 12,860.09, while the Plantation Index gained 50.67 points to 6,785.21. ― Bernama