Bursa Malaysia extended its losses at midday as the turmoil in the United States (US) banking sector weighed on broader market sentiment, said an analyst. At lunch break, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 20.83 points, or 1.47 per cent, to 1,401.00 from Monday’s close of 1,421.83. The key index opened 4.87 points easier at 1,416.96. Market breadth remained in the red with decliners surpassing gainers 705 to 171, while 284 counters were unchanged, 1,087 untraded, and 11 others suspended. Turnover stood at 1.75 billion units valued at RM1.15 million. In a note, Malacca Securities Sdn Bhd said investors would be focusing on the consumer price index data to be released later today. “While investors may start pricing in the possibility of pausing rate hikes following the banking crisis in the US, volatility may remain in place on fears over a potential slowdown in the economic activity going forward,” it said. On the local bourse, the brokerage said defensive sectors with solid fundamentals may be set for a rebound. Sector-wise, in view of the mild rebound on Wall Street, the market could have priced in the near-term impact of the banking crisis, it said. Also, it continued, the local technology stocks may rebound on bargain-hunting activities. Besides, Malacca Securities expected investors to hunt for defensive stocks within the consumer, telecommunication and utilities sectors. Among Bursa Malaysia heavyweights, Maybank slipped four sen to RM8.40, Public Bank dipped eight sen to RM3.93, CIMB shrank 11 sen to RM5.22, Petronas Chemicals fell 15 sen to RM6.95, and TNB shaved two sen to RM9.30. Among the actives, Vinvest Capital eased half-a-sen to 22 sen, BSL Corporation edged down one sen to five sen, E.A. Technique (M) decreased seven sen to 22 sen, and Awanbiru Technology lost three sen to 44 sen, while MY E.G. Services gained one sen to 78.5 sen. On the index board, the FBM Emas Shariah Index dropped 135.87 points to 10,514.08, the FBM Emas Index reduced 142.21 points to 10,233.21, the FBM ACE trimmed 87.78 points to 5,211.28, the FBMT 100 Index narrowed 137.56 points to 9,924.35, and the FBM 70 retreated 139.05 points to 13,105.33. Sector-wise, the Financial Services Index dipped 226.99 points to 15,493.40, the Plantation Index contracted 106.11 points to 6,686.22, the Energy Index inched down by 17.60 points to 835.23, and the Industrial Products and Services Index eased 2.74 points to 169.83.
Source: BERNAMA News Agency