KUALA LUMPUR: Bursa Malaysia eased at midday on Monday as investors took profits in banking heavyweights, while selected technology, semiconductor and refining stocks bucked the broader market weakness.
At the lunch break, the FBM KLCI fell 5.34 points, or 0.31%, to 1,726.11, recovering from an intraday low of 1,724.64 as banking stocks continued to weigh on the benchmark index.
There were 488 gainers, 450 decliners and 498 unchanged counters. Turnover amounted to 2.01 billion shares worth RM992.55mil.
Among the decliners, Nestle slid 66 sen to RM92.78. Banking stocks were also lower, with Hong Leong Bank falling 28 sen to RM22.16, Hong Leong Financial Group declining 20 sen to RM18.62 and Maybank easing 14 sen to RM11.06.
Technology and semiconductor counters were among the top gainers on Bursa Malaysia, with Malaysian Pacific Industries
rising RM1.16 to RM44.36 and ViTrox gaining 20 sen to RM7.48.
Refiners also advanced, with Petron Malaysia adding 14 sen to RM3.63 and Hengyuan Refining climbing 11 sen to RM1.46.
TA Securities expects the local benchmark index to extend its recent uptrend this week, supported by constructive short- and medium-term technical indicators that continue to signal firm bullish momentum for the FBM KLCI.
“However, gains among blue-chip stocks may be tempered by profit-taking as short-term momentum indicators approach overbought territory.
“Investor sentiment is also expected to remain sensitive to developments in the Middle East and broader regional market trends, while ongoing reassessments of elevated AI-related valuations could further influence market direction,” the brokerage said.
Meanwhile, Apex Securities said the FBM KLCI should remain supported by stronger-than-expected GDP growth of 5.8%, easing June inflation of 1.9% and a fourth straight session of foreign net buying.
The brokerage added that the index's bank-heavy composition should continue to shield it from the global technology sell-off.
“Gains are expected to stay narrow given Friday's weak breadth, and we would favour domestic-driven counters over AI-adjacent names until regional tech sentiment stabilises,” it said.
