Bursa Malaysia Stays Lower At Midday Ahead Of US Economic Data

KUALA LUMPUR, Aug 5 (Bernama) -- Bursa Malaysia stayed lower at lunch break in sync with the regional markets’ performance ahead of the United States (US) Institute for Supply Management Non-Manufacturing Purchasing Managers' Index (PMI) due later today and US unemployment claims on Thursday.

At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) dropped 44.38 points, or 2.75 per cent, to 1,566.67 from Friday's close of 1,611.05.

The FBM KLCI opened 17.69 points weaker at 1,593.36 -- its highest level so far today -- before falling to as low as 1,563.18 during the morning session.

On the broader market, decliners surpassed advancers 1,526 to 61, while 161 counters were unchanged, 657 untraded, and eight others suspended. 

Total turnover amounted to 4.97 billion units valued at RM3.58 billion.

In a note, Malacca Securities Sdn Bhd said there might be a spillover of selling pressure into the local market and impacting the technology sector following the weak US stock market performance.

“However, we think it might be an accumulation phase for the construction, building materials, property, and utilities sectors amid the infrastructure and data centre catalysts leading into the earnings season,” it said.

In addition, the brokerage firm said, traders may look into gold-related stocks in anticipation of an interest rate downcycle environment.

“Besides, the financial segment could be attracting foreign funds at this juncture,” it added.

Among the heavyweights, Maybank eased 18 sen to RM10.06, Public Bank slid seven sen to RM4.21, Tenaga Nasional gave up 60 sen to RM13.36, CIMB trimmed by 26 sen to RM7.14, and IHH Healthcare ticked down 11 sen to RM6.14.

Of the actives, Pegasus Heights was unchanged at one sen, while Velesto Energy fell one sen to 20.5 sen, MyEG erased 8.5 sen to 88.5 sen, Hubline shed half-a-sen to 9.5 sen, and Jaks Resources lost 1.5 sen to 15 sen. 

On the index board, the FBM Emas Index declined 408.44 points to 11,895.06, the FBMT 100 Index dropped 377.01 points to 11,542.94, the FBM Emas Shariah Index reduced 461.65 points to 11,986.50, the FBM 70 Index slid 745.65 points to 17,157.15, and the FBM ACE Index dipped 298.22 points to 5,172.19.

Sector-wise, the Plantation Index ticked down 180.37 points to 6,963.24, the Industrial Products and Services Index eased 8.68 points to 176.82, the Energy Index dropped 43.28 points to 885.87, the Technology Index slipped 4.40 points to 66.91, and the Financial Services Index fell 408.93 points to 17,822.65.

-- BERNAMA