KUALA LUMPUR, Nov 18 ― Bursa Malaysia ended the morning session lower, affected by continued profit-taking in selected financial services counters due to the recent gains and renewed concern over the global economic outlook, dealers said.

At 12.30pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 8.99 points to 1,601.16 after fluctuating between 1,595.09 and 1,611.58 throughout the morning session.

Market breadth remained negative with losers thumping gainers 699 to 400, while 428 counters were unchanged, 637 untraded and 18 others suspended.

Total volume stood at 9.40 billion shares worth RM2.77 billion.

CGS-CIMB said domestic demand and investment are likely to remain subdued given the persistence of heightened economic uncertainty, with net exports to remain as the key positive growth contributor, mainly through depressed import demand.

Fitch Solutions has downgraded its growth forecast for Malaysia this year to -5% from -4.5% previously, according to its client note on Monday.

"Downward revision was prompted by the worsening third wave of coronavirus infections, posing risks to the ongoing growth recovery, " it said, quoting the rating agency in a research note today.

Among the heavyweights, Maybank slipped 14 sen to RM8.16, Public Bank declined 12 sen to RM18.78, TNB fell 10 sen to RM11.32 and Top Glove went down 1.0 sen to RM6.99 but Petronas Chemicals improved 9.0 sen to RM6.74.

Of the actives, Pegasus earned half-a-sen to 3.5 sen, NETX reduced 3.0 sen to 14.5 sen, AT Systematization slipped 4.0 sen to 20.5 sen, and Metronic Global was 4.5 sen lower at 11.5 sen.

On the index board, the FBM Emas Index was 66.23 points weaker at 11,490.11, the FBMT 100 Index decreased 68.38 points to 11,278.44 and the FBM 70 lost 108.84 points to 14,694.97.

Meanwhile, the FBM Emas Shariah Index trimmed 35.36 points to 13,178.60 and the FBM ACE dipped 197.95 points to 11,121.30.

The Industrial Products and Services Index added 0.61 of-a-point to 158.35, the Plantation Index advanced 50.96 points to 7,362.56, while the Financial Services Index dropped 165.98 points to 14,289.71. ― Bernama