FBM KLCI ends flat at midday as risk appetite falls

KUALA LUMPUR: After a volatile early session, the FBM KLCI closed flat at the midday break, reflecting the heightened uncertainty and risk-off sentiment in global markets.

While the key index stayed just 0.04 points below the reference price at 1,553.2, the broader market, however, showed a underlying weakness.

Decliners on Bursa Malaysia far outnumbered gainers 552 to 381 as investors took profit out of lower liners following recent gains.

The share turnover was 2.47 billion valued at RM1.24bil.

Press Metal, which was in the red in early trade, ended 18 sen higher at RM5.30, adding on to gains made in the previous session.

Other notable gainers included Maxis, gaining seven sen to RM3.53, Kuala Lumpur Kepong rising four sen to RM22.82 and PETRONAS Dagangan climbing six sen to RM21.92.

Axiata rose five sen to RM2.66 after announcing its proposed disposal of its Myanmar tower assets for RM713mil.

Of actives, Velesto lost 2.5 sen to 28 sen while TDM shed 0.5 sen to 33 sen.

Japan's Nikkei lost 2% to 38,961, leading major Asian benchmarks lower, while South Korea's Kospi shed 1.1% to 2,714.

Hong Kong's Hang Seng reopened after the Ching Ming Festival holiday and gained 0.7% to 16,651 while the mainland Chinese market remained shuttered for the religious holiday.