KUALA LUMPUR: The FBM KLCI sank into the red during the early session despite an uptick in regional sentiment following the release of cooler inflation data in the US, which affirmed the likelihood of rate cuts in September.
At 12.30pm, the key index was down 2.41 points to 1,609.94 after trading within a nine-point range of 1,605.69 to 1,614.69.
The weakness in the blue chips, ahead of the peak corporate results period this month, was also reflected in the broader market, which registered 693 decliners compared to 245 gainers.
Save for financial services and healthcare, the 11 remaining market sectors were sold down, with utilities and plantations leading the decline.
The share turnover was 2.25 billion changing hands for RM1.37bil.
Among the leading laggards on the FBM KLCI, SD Guthrie slipped seven sen to RM4.54, PETRONAS Chemicals dropped 12 sen to RM5.33, Tekelom Malaysia shed eight sen to RM6.82 and Maybank fell four sen to RM10.16.
Of actives, SP Setia was sold down 24 sen to RM1.28, Cape EMS dropped three sen to 43 sen and Sime Property dropped 13 sen to RM1.36.
Other notable decliners included Frontken dropping 21 sen to RM3.94, Sunway Construction sliding 16 sen to RM4.28 and Bursa Malaysia falling 19 sen to RM9.46.
Meanwhile, key markets in Asia climbed with renewed conviction that the US Federal Reserve will lower interest rates by at least 25 basis points next month, if not 50.
Japan's Nikkei rose 0.88% to 36,764 and China's composite index climbed 1.04% to 2,880.
Hong Kong's Hang Seng gained 0.34% to 17,171 and Singapore's Straits Times wwas up 0.71% to 3,309.
