KUALA LUMPUR: Malaysia's main stock index slid further into the red as global inflation fears coupled with caution over the coming earnings season sparked profit-taking in blue chips.
At 12.30pm, the benchmark FBM KLCI was down 10.42 points to 1,593.65, firmly below the 1,600 psychological support, as heavyweight banks led the decline.
RHB Bank
shed 14 sen to RM7.55, Public Bank slid 11 sen to RM4.57 and Hong Leong Bank lost 66 sen to RM21.32.
Other laggards included Tenaga Nasional falling 16 sen to RM13.02 and MISC dropping 13 sen to RM7.86.
While investors took cash out of domestic heavyweights, the broader market stayed positive as technology and energy shares rebounded after recent losses. There was a larger number of advancing issues on the market at 510, as compared to declining at 399.
The trading volume was 1.75 billion shares changing hands for RM987.26mil.
Technology shares shot up 2.95% as investors picked up bargains after valuations were beaten-down last Friday. Energy shares recovered 0.87%, also bouncing back as Brent crude oil stabilised around US$92 a barrel, having plunged from US$115 at the start of the month.
Other sectors were also on the rise - plantations rose 0.43%, utilities added 0.16%, telcos gained 0.28% and construction was up 0.61%.
Among the day's leading actives, ACE Market debutant SKA Capital jumped nine sen to 52 sen. MMAG rose 1.5 sen to 4.5 sen and GIIB gained three sen to 15 sen.
Meanwhile, there was a positive retracement in regional markets as traders returned to AI plays. South Korea's Kospi climbed 2.41% to 5,365 while Japan's Nikkei gained 1.34% to 61, 270.
In China, the Shanghai Composite index lost 0.24% to 3,654 and the CSI300 dipped 0.29% to 4,047.
Hong Kong's Hang Seng was down 0.83% to 24,352.
