Kuala Lumpur:Bursa Malaysia slipped into negative territory on Friday after opening slightly higher, following weaker overnight sentiment on Wall Street due to disappointing technology earnings.
According to BERNAMA News Agency, at 913 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) decreased by 0.66 of a point, or 0.04 percent, to 1,610.50 from Thursday's close of 1,611.16. The benchmark index had initially opened 0.70 of a point higher at 1,611.86.
Across the broader market, the number of losers surpassed gainers, with 265 declining and 107 advancing, while 265 counters remained unchanged, 2,143 were untraded, and 66 were suspended. Turnover stood at 291.30 million units worth RM95.01 million.
Rakuten Trade Sdn Bhd's vice-president of equity research, Thong Pak Leng, noted that Wall Street closed mostly lower due to weaker earnings from US technology giant Alphabet Inc, which raised concerns over the substantial capital expenditure needed for artificial intelligence (AI) investments.
Thong also mentioned that, domestically, the benchmark index is believed to be in a consolidation phase, with fundamentally sound blue chips offering selective opportunities following the recent market correction. He anticipated the benchmark index would hover within the 1,600-1,620 range.
In terms of specific stocks, Maybank rose by two sen to RM10.02, CIMB increased by seven sen to RM6.96, and IHH Healthcare added four sen to RM7.89. Public Bank dropped by one sen to RM4.72, while Tenaga Nasional remained unchanged at RM13.30.
Among active trades, Zetrix AI and JAKS Resources each fell by one sen to seven sen and 14 sen, respectively. GIIB Holdings decreased by 10.5 sen to 43.5 sen, while Ni Hsin and EWI Capital gained one sen each to 38 sen and 14.5 sen, respectively.
Country View led the gainers by rising 14 sen to RM2.85, followed by Kein Hing, which added six sen to RM1.08. Genting Plantations gained five sen to RM5.10, and Lianson Fleet rose four sen to RM1.52.
Among the top losers, Malaysian Pacific Industries fell 60 sen to RM40.90, UWC Bhd shed 20 sen to RM7.44, MN Holdings declined 12 sen to RM3.83, and Pentamaster Corporation lost nine sen to RM5.80.
On the index board, the FBM Emas Index fell by 17.00 points to 12,038.89, the FBM Top 100 Index shed 15.29 points to 11,835.67, the FBM Mid 70 Index declined by 66.17 points to 17,417.95, the FBM Emas Shariah Index lost 32.73 points to 12,051.55, and the FBM ACE Index slipped by 32.61 points to 5,414.55.
In sector performance, the Energy Index increased by 0.28 of a point to 844.64, the Financial Services Index jumped by 18.69 points to 18,556.63, while the Plantation Index added 18.44 points to 8,655.34. The Industrial Products and Services Index edged down by 0.36 of a point to 177.03.