KL Shares Dip At Midday As Profit-taking Hits Financial, Tech Sectors

KULA LUMPUR, Aug 29 (Bernama) -- Bursa Malaysia ended the morning session lower as profit-taking persisted in the financial services and technology sectors, reflecting broader regional trends.

At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) had declined by 7.77 points to 1,667.47 from Wednesday's close of 1,675.24.

The index opened 2.29 points lower at 1,672.95 and fluctuated between 1,664.85 and 1,684.68 throughout the session.

The broader market was weaker, with decliners outnumbering gainers 759 to 295. Meanwhile, 435 counters remained unchanged, 1,029 were untraded and 108 were suspended.

Turnover was 2.17 billion units, valued at RM1.85 billion.

Malacca Securities Sdn Bhd anticipates that selling pressure on local technology stocks may intensify following Nvidia Co's post-market decline, especially with the stronger ringgit in play.

“Foreign funds are likely to continue focusing on blue chips and liquid banking stocks in the near term.

“Moreover, the stronger ringgit could benefit the consumer sector, as highlighted by Farm Fresh Bhd’s positive earnings report,” the firm said in a note today.

Regional bourses were predominantly in a selling mode, influenced by weaker Wall Street performance overnight. Hong Kong's Hang Seng fell 0.73 per cent to 17,563.04, Japan’s Nikkei declined 0.01 per cent to 38,369.13, and South Korea’s Kospi decreased 0.92 per cent to 2,665.12.

In contrast, Singapore’s Straits Times Index rose 0.34 per cent to 3,402.53.

MPI was the top loser, with its share price plummeting RM2.18 or 7.10 per cent to RM28.50.

CIMB followed, shedding 25 sen to RM8.13.

Among other heavyweights, Maybank and Tenaga each gained two sen to RM10.88 and RM14.02 respectively.

In contrast, Public Bank fell two sen to RM4.78, IHH decreased one sen to RM6.30 and Petronas Chemicals dropped 20 sen to RM5.89.

In the active stocks category, Key Alliance remained unchanged at half-a-sen, Cape and Luster edged down half-a-sen each to 34.5 sen and seven sen respectively, Bumi Armada fell 3.5 sen to 50 sen and SP Setia reduced four sen to RM1.04.

On the index board, the FBM Emas Index declined by 92.42 points to 12,378.17, the FBMT 100 Index decreased by 85.25 points to 12,088.81, and the FBM Emas Shariah Index fell by 87.44 points to 12,146.44.

The FBM 70 Index dropped 230.13 points to 17,240.55, while the FBM ACE Index decreased by 76.66 points to 5,042.97.

Sector-wise, the Plantation Index gained 14.80 points to 7,308.55, while the Financial Services Index fell 116.53 points to 19,708.40. 

The Industrial Products and Services Index edged down by 2.18 points to 180.01, and the Energy Index weakened by 15.04 points to 909.57.

-- BERNAMA