KUALA LUMPUR, Feb 22 ― Bursa Malaysia stayed in the red at mid-day, dragged down by concerns about the interest rate outlook after the Federal Open Market Committee (FOMC) minutes reaffirmed expectations that the US is not cutting its interest rates anytime soon.

At 12.30pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 7.18 points to 1,545.22 from yesterday’s close of 1,552.40.

The benchmark index opened 1.69 points lower at 1,550.71.

The market breadth was negative with losers surpassing gainers 464 to 396, while 471 counters were unchanged, 986 untraded and 20 others suspended.

Turnover amounted to 2.03 billion units worth RM1.10 billion.

Hong Leong Investment Bank Bhd believes continued robust buying interest from foreigners would cushion the downside from a healthy profit-taking pullback yesterday after rallying 97 points year-to-date.

"Moreover, risk appetite for emerging markets should resurface with the Fed’s eventual pivot, stronger Malaysia economic growth for 2024 in line with the projection of 3.1 per cent for global growth and expectations of more aggressive measures from China to revive its slowing economy," it said in a note.

Regionally, markets were mostly positive with Japan's benchmark Nikkei surpassing the all-time high recorded in 1989 to reach 39,029.00 during this afternoon’s trade.

Hang Seng Index rose 0.15 per cent to 16,528.01 and similar to Malaysia, Singapore's Straits Times Index slipped 0.51 per cent to 3,200.68.

"Positive regional leads may provide some buying catalyst to local stocks in the later part of the trading session," a trader said.

Bursa heavyweights YTL Power eased 10 sen to RM3.80, Public Bank was three sen down to RM4.48 and Tenaga Nasional lost 12 sen to RM11.26.

Sime Darby Plantation rose four sen to RM4.56 and Maxis added one sen to RM3.80.

As for the actives, Reneuco was flat at 9.5 sen, while Hong Seng and Minetech rose half-a-sen to 2.5 sen and 18 sen respectively.

Notion gained 10 sen to 41.5 sen.

On the index board, the FBM Emas Index contracted 22.70 points to 11,499.13, the FBMT 100 Index shed 25.02 points to 11,150.95 and FBM Emas Shariah Index lost 7.62 points to 11,575.19.

The FBM 70 Index rose 75.22 points to 15,590.89 and the FBM ACE Index improved 3.33 points to 4,840.82.

Sector-wise, the Financial Services Index fell 51.27 points to 17,324.89, the Plantation Index decreased 3.27 points to 7,325.59, the Energy Index was 1.31 points lower at 933.46 and the Industrial Products and Services Index added 0.03 of-a-point to 177.69. ― Bernama