KUALA LUMPUR: The FBM KLCI finished lower at midday, dragged by losses in index heavyweights Maybank, Public Bank and Hong Leong Bank.
At 12.30 pm, the market bellwether closed down 7.14 points, or 0.49% at 1,457.42. The index earlier slipped to its intra-morning low of 1,455.79.
The broader market sagged, with losers overtaking gainers 453 to 288 while 425 counters were unchanged. Turnover was 1.77 billion shares valued at RM930.8mil.
Maybank fell seven sen to RM8.90, dragging the index lower by 1.2049 points. Public Bank slid four sen to RM4.28, pushing the index lower by 1.1081 while Hong Leong Bank tumbled 32 sen to RM19.14, nudging the index lower by 0.99.
Kuala Lumpur Kepong rose 10 sen to RM21.78, PETRONAS Chemicals added three sen to RM7.21 and PPB climbed two sen to RM14.64.
On the broader market, Hextar Technologies fell 38 sen to RM21.60, MBM Resources lost 33 sen to RM4.15, Malaysian Pacific Industries
jumped 42 sen to RM27.82 and Heineken added 18 sen to RM23.68.
Malacca Securities expects the local market movements to turn negative amid profit taking activities from Wall Street.
“As the retracement started in the US, we expect the technology sector to take a breather at least for today,” it said.
“Meanwhile, following the cabinet reshuffle that includes a new Minister of Digital, oversee by Gobind Singh Deo, the telco and media sector has been rising for the ninth session, hence we see more upside potential over the near to mid-term.
“In view of KL-SG HSR to be revived next year, we like the construction, building material and property sectors,” Malacca Securities said.
In regional markets, Japan's Nikkei 225 was down 1.6% at 33,138.30 and South Korea's Kospi fell 0.79% to 2,593.62.
China's composite index gained 0.15% to 2,906.49 and Hong Kong's Hang Seng fell 0.24% to 16,573.12.
