KUALA LUMPUR: Bursa Malaysia slipped into the red by midday after a strong start, as broad-based selling dragged 920 counters lower.
The FBM KLCI was down 14.41 points, or 0.84%, at 1,706.30, just off its intraday low of 1,704.06. All indices on Bursa Malaysia were in the red.
Trading sentiment was negative, as 920 counters fell, 198 gained and 363 were unchanged, with turnover at 1.71 billion shares worth RM1.87bil.
Investor sentiment remained cautious amid uncertainty over the Middle East conflict, despite US President Donald Trump delaying military strikes on Iranian power plants following “productive” talks with Tehran.
Among the decliners, Nestle tumbled RM2.38 to RM98.02, United Plantations slid RM1.36 to RM33.46, Hong Leong Financial Group lost 80 sen to RM19.20 and Allianz declined 54 sen to RM20.78.
On the other hand, PETRONAS Gas rose 82 sen to RM17.62, F&N added 58 sen to RM29.88, Dutch Lady
gained 30 sen to RM32 and PETRONAS Chemicals climbed 20 sen to RM5.68.
TA Securities said the FBM KLCI will remain range-bound in the near term, as mixed signals across short- and medium-term indicators point to underlying softness and a developing downside bias.
“Market participation is likely to stay muted during the holiday-shortened week, which will further limit momentum.
“External headwinds, including inflationary risks from elevated oil prices and the escalating US-Israeli conflict with Iran, are also expected to weigh on sentiment and drive volatile trading conditions,” the brokerage said.
