Bursa down at midday

Weakness in the heavyweight sector proves a drag on Bursa Malaysia. — Bernama pic
Weakness in the heavyweight sector proves a drag on Bursa Malaysia. — Bernama pic

KUALA LUMPUR, April 10 — Bursa Malaysia ended the morning session lower on persistent selling in heavyweights, mainly PetChem, Axiata, Maxis and Malaysia Airports.

At 12.30pm, the key FTSE Bursa Malaysia KLCI (FBM KLCI) losses widened by 4.69 points to 1,637.25 from 1.641.94 yesterday, after opening 0.11 of a point lower at 1,641.83.

The index fluctuated between 1,642.13 and 1,635.89 throughout the morning session.

On the scoreboard, losers outnumbered gainers by 367 to 315, while 394 counters were unchanged, 793 untraded and 21 others suspended.

Turnover amounted to 1.66 billion shares worth RM982.5 million.

An analyst said beside lack of local market-moving news, concerns over global economic outlook have weighed on Bursa Malaysia following a threat by President Donald Trump to impose tariffs on European goods and the International Monetary Fund’s (IMF) move to cut its global growth forecast to the lowest level due to heightened trade tensions.

Hence, he expected the market to remain sideways until fresh impetus emerges to push the FBM KLCI higher.

Of the other heavyweights, PetChem dropped 15 sen to RM8.95 on profit-taking following recent gains, while both Axiata and Maxis declined five sen to RM4.19 and RM5.55, respectively.

Malaysia Airports went down 18 sen to RM6.76, Maybank inched down three sen to RM9.27 but Public Bank rose two sen to RM22.60.

Among actives, Sapura Energy was unchanged at 34 sen, Iskandar Waterfront added seven sen to 92.5 sen and FGV rose five sen to RM1.31.

The FBM Emas Index was 24.14 points lower at 11,615.91, the FBMT100 Index depreciated 28.88 points to 11,441.65 and the FBM Emas Shariah Index was down 21.43 points lower at 11,839.57.

The FBM Ace Index lost 2.21 points to 4,779.02 while the FBM70 slid 21.31 points to 14,574.21.

Sector-wise, the Financial Services Index decreased 13.05 points to 16,834.22, the Industrial Products and Services Index fell 1.06 points to 169.27 but the Plantation Index was 13.19 stronger at 7,299.53. — Bernama

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