KUALA LUMPUR: The FBM KLCI continued to hover below the 1,600-point psychological level as traders stayed cautious amid uncertainties over the global economy and its impact on corporate earnings.
Entering the lunch break, the key index was up 3.22 points to 1,598.97 although the broader market remained deeply in the red.
Weak investor sentiment in equities sent 659 counters into negative territory as compared to 244 advancing. The trading volume was 1.54 billion share changing hands for RM968.68mil.
Few sectors managed to stay positive amid the broad-based selling. Financial services rose 0.49% after the previous day's sell-off. Healthcare gained 0.41% while transport added 0.37%.
Technology shares lost 1.28% as questions over the sustainability of the AI rally gained momentum. The utilities index shed 0.59%, plantations lost 0.92% and construction was down 0.6%.
Blue chips gaining weight were IHH up seven sen to RM7.97, Maybank rising eight sen to RM9.98 and PETRONAS Chemicals adding seven sen to RM4.47. Losers included Telekom down 12 sen to RM7.58, Kuala Lumpur Kepong shedding 28 sen to RM19.88 and PPB falling 11 sen to RM8.61.
Of the most actively traded shares on Bursa Malaysia, VS Industry was down 0.5 sen to 33.5 sen, Ni Hsin
was up two sen to 46.5 sen and Top Glove rose 1.5 sen to 90.5 sen.
Rakuten Trade said in its morning report that the Malaysian market continues to keep a cautious undertone due to a lack of catalysts, and expects the FBM KLCI to trade within the 1,590-1,605 range for today.
"We would advocate investors
to accumulate at current levels as we anticipate the index to stage a rebound anytime soon," it said.
Elsewhere, Asian markets were lower as uncertainty over tech-related shares weighed on investor sentiment.
South Korea's Kospi dove 4.27 to 5,521 while Japan's Nikkei dropped 1.06% to 64,220.
In China, the Shanghai Composite index was a fraction lower at 3,727 and Hong Kong's Hang Send index dropped 0.95% to 23,956.
In the global oil market, Brent crude futures for December delivery continued its uptrend, rising 0.23% to US$109.80 a barrel.
