KUALA LUMPUR: The FBM KLCI erased earlier gains by midday as investors continued to take profit following a six-day rally in the closing days of 2024.
At the midday break, the benchmark index was down 2.43 points to 1,630.44. The broader market, however, was positive with 506 gainers compared to 476 decliners, suggesting that investors had turned their attention to picking up bargains among the lower liners.
Turnover was 2.4 billion shares valued at RM1.48bil.
Investors continue to tread cautiously amid a suggestion by the Federal Reserve that there will be fewer rate cuts this year than initially projected, while the incoming Trump administration will fuel inflation with its growth policies.
In China, the Shanghai Composite index dropped 0.46% to 3,247 while Hong Kong's Hang Seng gained 0.87% to 19,794.
Singapore's Straits Times fell 1.71% to 3,799. Japan's stock exchange remained closed for a national holiday.
On Bursa Malaysia, laggards included Nestle down 92 sen to RM99.02, F&N shedding 46 sen to RM27.72 and MPI sliding 40 sen to RM24.90.
Leading blue chips on the decline included Tenaga Nasional dropping 16 sne to RM14.60, Maybank falling six sen to RM10.12 and Sunway sliding six sen to RM4.67.
