KUALA LUMPUR, March 14 — Bursa Malaysia was lower at midday on selling pressure in most indices, led by the industrial products and services, plantation and technology counters amidst mixed regional market performance; tracking Wall Street’s downbeat lead.
At 12.30 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.45 per cent or 7.19 points weaker at 1,561.03 against Friday’s 1,568.22.
The benchmark index opened 2.48 points firmer at 1,570.70 and moved between 1,556.10 and 1,572.60 throughout the morning session.
On the broader market, decliners outnumbered gainers at 550 versus 267, while 350 counters were unchanged, 1,134 untraded and 13 others suspended.
Turnover stood at 1.41 billion units valued at RM1.08 billion.
Wall Street closed sharply lower as technology and growth shares declined over concerns about the Russia-Ukraine conflict, while attention turned to the United States Federal Reserve’s (Fed) policy meeting on March 15-16, 2022.
Reports said the Fed is expected to start raising the interest rate this month, beginning with a 25 basis point increase.
“If the Fed turns less hawkish in the upcoming meeting, that may push the market higher going forward,” said Malacca Securities Sdn Bhd in a note.
Meanwhile, Maybank Investment Bank Bhd said that despite last week’s rebound, the benchmark index remains under selling pressure.
“As per our earlier analysis on Jan 31, 2021, the FBM KLCI Index has indeed traded higher and surged beyond our second target of 1,567.50 to peak at the high of 1,620 on March 1, 2022.
“The index could complete the correction within the lower support at 1,530 level,” it said.
Among the heavyweights, Maybank added one sen to RM8.92, Public Bank eased one sen to RM4.39, Petronas Chemicals shed 10 sen to RM9.60, IHH Healthcare recovered two sen to RM6.43 and Press Metal fell 35 sen to RM6.15.
Of the actives, Velesto Energy slid half-a-sen to 10.5 sen, Hibiscus Petroleum lost five sen to RM1.13, and Widad Group was flat at 34 sen.
On the index board, FBM Emas Index was 62.84 points weaker at 11,051.75, FBM Emas Shariah Index narrowed 68.04 points to 11,694.84, FBM 70 fell 97.07 points to 12,975.67, FBMT 100 Index declined 56.18 points to 10,761.03 and FBM ACE erased 18.93 points to 5,239.55.
Sector-wise, the Industrial Products and Services Index reduced 3.38 points to 201.31, the Financial Services Index decreased 69.22 points to 16,180.80 and the Plantation Index gave up 132.25 points to 8,072.45. — Bernama
