KUALA LUMPUR, Sept 18 — The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) lost 0.49 per cent at the close of the morning session on subdued investor appetite, as participants awaited discussions on the US-China trade talks which begin tomorrow.
At 12.30pm, the index dropped 7.84 points to 1,596.46 from 1,604.30 at yesterday’s close.
It opened 4.73 points lower at 1,599.57 and moved between 1,594.09 and 1,599.57 throughout the morning session.
Market breadth was negative, with losers outnumbering gainers 421 to 261, while 353 counters were unchanged, 936 untraded and 15 others suspended.
Turnover amounted to 1.09 billion shares worth RM627.29 million.
A dealer said the overall market condition remained cautious due to the lack of catalysts, and investors are now awaiting the outcome of the two-day US Federal Reserve (Fed) policy meeting later today.
The Fed is widely expected to cut interest rates and signal its future policy direction.
“Should the selling pressure persist, key support levels can be seen at 1,570 and 1,550. Conversely, the overhead resistance levels can be found at 1,630 and 1,650,” he added.
Losses in heavyweight counters were led by KL Kepong which lost 26 sen to RM23.32, as PBB Group contracted 24 sen to RM18.28, Hong Leong Financial Group fell 12 sen to RM16.38 and Nestle declined 10 sen to RM146.90.
Petronas Chemicals lost nine sen to RM7.68 and Sime Darby Plantation slid seven sen to RM4.81.
The FBM Emas Index declined 41.71 points to 11,279.98, the FBMT 100 Index was 41.15 points weaker at 11,114.08 and the FBM Emas Shariah Index eased 21.66 points to 11,842.10.
The FBM Ace went down 4.70 points to 4,528.27, but the FBM 70 rose 3.92 points to 13,983.37.
Sector-wise, the Financial Services Index eased 131.68 points to 15,423.64 and the Plantation Index dropped 47.91 points to 6,786.28, while the Industrial Products and Services fell 0.63 of a point to 154.51. — Bernama
