Bursa Malaysia lower at mid-day on profit-taking

KUALA LUMPUR, March 18 ― Bursa Malaysia was lower at midday, dragged down by profit-taking led by the technology, construction and financial services sectors.

At 12.30pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.35 per cent or 5.50 points lower at 1,585.38, from 1,590.88 yesterday’s close.

After opening 2.80 points better at 1.593.68, the market bellwether moved between 1,583.25 and 1,594.76 throughout the morning trading session.

On the broader market, losers led gainers 423 to 349, while 404 counters were unchanged, 1,145 untraded and 45 others suspended.

Total turnover stood at 1.18 billion worth RM1.01 billion.

Analysts said traders would remain cautious of market volatility due to the United States Federal Reserve's (Fed) aggressive interest rate stance, and the surge in oil prices due to supply shortage concerns arising from the Russia-Ukraine conflict.

Meanwhile, in a note, Maybank Investment Bank said the FBMKLCI Index would likely range between 1,570 and 1,620 points today, with support at 1,530 and 1,510.

Among the heavyweights, Maybank rose two sen to RM9.00, while Petronas Chemicals was two sen lower at RM9.40, Public Bank fell three sen to RM4.60, CIMB slid 11 sen to RM5.37, and IHH Healthcare slipped eight sen to RM6.31.

Tenaga gained two sen to RM9.10 and Press Metal improved six sen to RM6.41.

Of the actives, both XOX and AT Systematization added half-a-sen each to 2.5 sen, while Widad was flat at 35 sen.

On the index board, FBM Emas Index was 34.22 points weaker at 11,240.45, FBM Emas Shariah Index reduced 22.02 points to 11,796.35, FBM 70 fell 69.24 points to 13,288.85, FBMT 100 Index shed 42.07 points to 10,948.56, and FBM ACE dipped 5.39 points to 5,358.43.

Sector-wise, the Industrial Products and Services Index inched up 0.51 of-a-point to 203.49 and the Plantation Index recovered 124.25 points to 7,951.67, while the Financial Services Index weakened 104.00 points to 16,691.58. ― Bernama