KUALA LUMPUR, Sept 23 ― Bursa Malaysia remained in the red at midday due to selling pressure on all Petronas-related counters.
At noon, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased 4.08 points to 1,593.33 from Friday's close of 1,597.41 and traded between 1,591.46 and 1,597.59 during the morning session.
The index opened 0.18 of-a-point higher at 1,597.59.
Market breadth was negative as losers overwhelmed winners 447 to 234, with 354 counters unchanged, 952 untraded and 19 others suspended.
Turnover stood at 1.06 billion shares worth RM565.96 million.
According to an analyst, despite the national oil giant chalking up a better performance in the just-announced second-quarter results, the outlook for the sector remained overweight with geopolitical tension surrounding the oil market not giving the company the needed boost.
She added that investors are also awaiting details on the 2020 budget, as Malaysia adjusts its budget around the oil price.
“From the investors perspective, they are also awaiting for the declared dividend for 2019, which has yet to be announced,” she said.
Petronas-related counters recorded a decline across the board with its blue chip stock, Petronas Chemical fell 16 sen to RM7.53, dragging the CI index by 2.26 points.
Petronas Gas and Petronas Dagangan were also among the top losers, shedding 12 and 20 sen to RM16.50 and RM23.20, respectively.
Other heavyweights, Tenaga Nasional lost four sen to RM13.66, while banking stocks, Maybank and CIMB both slipped one sen to RM8.72 and RM5.01, respectively, while Hong Leong Bank was down eight sen to RM16.30.
The FBM Emas Index declined 28.22 points to 11,254.74, the FBMT 100 Index dropped 27.65 points to 11,087.76 and the FBM Emas Shariah Index shed 48.81 points to 11,785.50.
The FBM 70 depreciated 31.60 points to 13,931.55 and the FBM Ace rose skidded 33.51 points to 4,539.76.
Sector-wise, the Financial Services Index slipped 14.68 points to 15,447.24, the Plantation Index weaker by 39.14 points to 6,737.53 and the Industrial Products & Services Index was 1.70 points lower at 152.85. ― Bernama
