KUALA LUMPUR: The FBM KLCI started the week on a negative note as global equities stumbled on expectations of a lower policy rate cut by the US Federal Reserve.
Equities had received a boost last Friday as New York Fed president John Williams made comments taken to point towards a 50bps rate cut at the Fed's next meeting.
However, those gains were reversed as the New York Fed walked back the comments over the weekend.
At 12.30pm, the FBM KLCI was down 5.56 points to 1,652.63. From a technical standpoint, the FBM KLCI is coming closer to the 50-day simple moving average, a negative crossing of which would suggest more bearish sentiment.
Trading volume on Bursa Malaysia was 1.59 billion shares although the value of the traded stocks was muted at RM679.46mil. There was a negative market breadth of 437 declining counters to 246 gainers and 373 unchanged.
Among the most actively traded stocks, Sapura Energy
slipped 0.5 sen to 30.5 sen, KNM shed one sen to 36 sen and Netx dropped 0.5 sen to 1.5 sen.
Top gainers were United Plantation up 16 sen to RM26.50, Scicom rising 14 sen to RM103 and Pentamaster adding 11 sden to RM3.44.
Losing stocks were led by Nestle dropping 60 sen to RM147.40, BAT falling 44 sen to RM30 and Ayer slipping 30 sen to RM4.30.
Oil prices rose on Monday following the seizure of a British oil tanker by Iranian forces that threatened further conflict and disrupt supply in the Middle East.
US crude rose 47 cents to US$56.10 a barrel and Brent crude gained 72 cents to US63.19 a barrel.
In currencies, the ringgit was unchanged against the US dollar at 4.1220 and pound sterling at 5.1404. It was 0.1% higher against the Singapore dollar at 3.0206.
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