KUALA LUMPUR, Jan 4 ― Concerns over the slowing global economy and corporate growth dragged down Bursa Malaysia at midday, dealers said.

At 12.30pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell 2.14 points to 1,673.69 from yesterday's close of 1,675.83.

The key index moved between 1,668.88 and 1,676.55 in morning trade, after opening 3.25 points weaker at 1,672.58.

Market breadth was negative with 362 losers to 302 gainers, while 326 counters were unchanged, 878 untraded and 22 others suspended.

Turnover stood at 1.14 billion shares worth RM519.22 million.

A dealer said Asian shares were lower, dragged down by losses in among others, technology stocks, and on news that US-based Apple had cut down its revenue projection for the first time in almost 12 years.

“It blamed the weaker iPhone sales in China and shares in Apple also tumbled,” he said.

Meanwhile, Public Investment Bank today said global growth worries were compounded yesterday by the latest report from the US Institute for Supply Management.

“It showed that factory output in December had expanded at the slowest pace for more than two years. The survey also showed that businesses were becoming increasingly worried about the impact of Washington’s trade dispute with Beijing,” it added.

Apple supply chain, Inari Amertron Bhd, saw its shares slip three sen to RM1.24 today.

Among heavyweights, Maybank rose one sen to RM9.37, Public Bank shed four sen to RM24.56, while Tenaga and Petronas Chemicals eased two sen each to RM13.74 and RM9.30.

Of actives, KUB rose 3.5 sen to 41 sen, PUC was flat at 11 sen, while Land and General  and Permaju Industries gained one sen each to 15 sen and 34.5 sen respectively.

The FBM Emas Index fell 18.80 points to 11,417.61,  the FBMT 100 Index decreased 20.50 points to 11,332.92 and the FBM Emas Shariah Index lost 25.95 points to 11,373.27.

The FBM Ace Index dropped 37.58 points to 4,226.56 and the FBM 70 depreciated 48.66 points to 12,963.94.

Sector-wise, the Finance Index increased 11.12 points to 17,229.00 and the Plantation Index was 6.98 points stronger at 6,862.25.But, the Industrial Products and Services Index was weaker by 0.02 of-a-point at 165.72. ― Bernama