FBM KLCI led lower by banks, plantations

KUALA LUMPUR: Malaysia's benchmark stock index was slightly lower in the morning session although the overall market was buoyed by positive sentiment following the conclusion of the state elections.

At 12.30pm, the FBM KLCI was down 2.56 points to 1,454.6. There were 455 gainers compared to 372 decliners.

Trading volume was 2.03 billion shares valued at RM906.36mil.

Malaysia's blue chips were led lower by bank stocks, including Maybank down two sen to RM9, Public Bank falling two sen to RM4.14 and Hong Leong Bank shedding six sen to RM19.74.

Plantations also dipped with Sime Darby Plantation falling one sen to RM4.48, Kuala Lumpur Kepong slipping four sen to RM23.06 and IOI dropping three sen to RM4.05.

Meanwhile, gainers on the broader market included Hextar Technologies up 54 sen to RM28.42, UMW rising 27 sen to RM4.54 and Amway climbing 15 sen to RM5.50.

Top actives were Classita unchanged at nine sen , Sapura Energy down 0.5 sne to 5.5 sen and Advance Synergy dropping 2.5 sen to 14.5 sen.

In Asian markets, there was selling pressure as upcoming Chinese economic data was expected to point to the need for greater stimulus measures from Beijing.

China's composite index was down 1% to 3,156 and Hong Kong's Hang Seng dropped 2.4% to 18,616.

Japan's Nikkei dipped 1.2% to 32,083 and South Korea's Kospi shed 1.1% to 2,564.