KUALA LUMPUR: The FBM KLCI eked out a slight gain after spending most of the morning underwater as traders flocked into the country's financial heavyweights amid a global tech rout.
At 12.30pm, the key index was up 2.39 points to 1,620.4. The market breadth remained sharply negative with 815 declining issues compared to 274 advancing, suggesting overall market weakness.
Trading volume was two billion shares changing hands for RM1.5bil.
The financial services sector rose 0.93%, one of only two sectors to stay positive. The other gainer was healthcare, rising 0.79%.
Among declining stocks, technology shares plunged 4.46%, tracking a sharp sell-off in tech shares following a report that China's CXMT had made progress on new chip technology, and was challenging the market share of more established manufacturers.
Construction shares on Bursa Malaysia dove 1.25%, consumer products shed 0.62% and plantations dropped 0.19%.
In blue chips, Maybank rose nine sen to RM10.04, CIMB gained 14 sen to RM7.44 and Public Bank added three sen to RM4.69.
Nestle dropped RM1.02 to RM90.08, Gamuda shed 10 sen to M4.92 and MISC slipped nine sen to RM7.97.
Elsewhere in Asia, markets were on the backfoot amid the growing geopolitical risks and a sell-off in the chips sector.
Extending a rout from the previous session, South Korea's Kospi dove 6.32% to 5,980 amid concern over Chinese chipmakers' progress over global rivals.
Japan's Nikkei dropped 2.1% to 67,579.
In China, the Shanghai Composite index slid 0.27% to 3,787 while Hong Kong's Hang Seng was down 0.39% to 24,176.
