Bursa: Bursa Malaysia experienced a decline at midday as profit-taking occurred in most index-linked counters, following the trend of a lower United States stock futures market.
According to BERNAMA News Agency, at 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) dropped by 0.45 percent, or 7.05 points, reaching 1,535.44 from the previous Friday’s close of 1,542.49. The benchmark index had opened slightly lower at 1,541.78 and fluctuated between 1,535.35 and 1,548.95 throughout the morning trading session.
Market sentiment was negative, with 592 decliners surpassing 278 gainers. Additionally, 416 counters remained unchanged, 1,059 were untraded, and 27 were suspended. The turnover was recorded at 1.46 billion shares valued at RM1.08 billion.
A report highlighted that the weaker US stock futures on Sunday evening suggested a potential slowdown after the S and P 500 concluded its longest winning streak in over two decades. On the domestic front, Malacca Securities Sdn Bhd suggested that technology stocks might benefit from foreign fund inflows, as the sector is dependent on foreign direct investment and faced significant sell-offs in April.
In a note, the brokerage firm projected the benchmark resistance to be between 1,557-1,562, while support was expected at 1,522-1,527 for the day.
Among leading stocks, MISC decreased by 33 sen to RM7.18, CelcomDigi and Gamuda each reduced by 7.0 sen to RM3.78 and RM4.33, respectively, 99 Speed Mart Retail fell by 4.0 sen to RM2.23, and Sunway dropped by 8.0 sen to RM4.71.
In active trading, SFP Tech increased by 1.5 sen to 23.5 sen, while ACE Market’s new entrant West River dropped by 1.5 sen to 37.5 sen. Nationgate went down by 6.0 sen to RM1.46, Focus Dynamics decreased by half-a-sen to 1.5 sen, and Jaks remained unchanged at 12.0 sen.
On the index board, the FBM Emas Index fell by 75.68 points to 11,413.69, the FBMT 100 Index decreased by 70.19 points to 11,187.05, and the FBM Emas Shariah Index dropped by 118.77 points to 11,271.58. The FBM 70 Index declined by 176.10 points to 16,098.44, and the FBM ACE Index fell by 39.42 points to 4,609.78.
In different sectors, the Financial Services Index rose by 4.85 points to 18,245.80. However, the Industrial Products and Services Index decreased by 0.92 of-a-point to 151.37, the Energy Index was down by 16.92 points to 678.05, and the Plantation Index fell by 23.20 points to 7,260.57.