KUALA LUMPUR: The FBM KLCI was little changed as it entered midday with domestic traders staying wary over high oil prices and the absence of concrete resolutions to the Middle East conflict.
Malaysia's benchmark index was up just 1.53 points to 1,691.24, almost unchanged from last Friday's close, after five days of cautious trading. The local bourse has largely ignored the tech-driven rally on Wall Street over the past few sessions, and the return of risk appetite for growth stocks. Stateside, investors are betting recent economic data leaves room for more rate cuts by the Federal Reserve.
As at the lunch break, the broader market was slightly negative with 470 declining issues compared to 427 advancing. Volume was 1.88 billion shares valued at RM1.4bil.
Financial services and plantations counters were the most improved, with both rising nearly a third of a percent each, even as the energy sector continued to edge lower by 0.2% on hopes the oil supply crisis will soon reach its conclusion.
Brent crude futures remained idling near US$98 a barrel, having risen in the previous session amid the ongoing US blockade of the Strait of Hormuz.
In actively traded stocks, Empire Premium Food halted for the lunch break 36 sen higher at RM1.05, representing a 51.32% jump over its initial public offering price of 70 sen a share. There were 217.3 million shares traded, making it the most actively traded counter.
Other active stocks included Capital A up two sen to 47.5 sen, Tanco gaining one sen to RM1.68 and Public Bank rising three sen to RM4.69.
In Asian markets, stocks were in profit-taking mode after recent gains.
Japan's Nikkei fell 0.97% to 58,941 as it retreated further from all-time highs. South Korea's Kospi was down 0.4% to 6,199.
China's Composite index dropped 0.3% to 4,043, the CSI300 shed 0.3% to 4,722 and Hong Kong's Hang Seng fell 1.32% to 26,046.
