Cautious market sentiment drags Bursa lower at midday

Cautious market sentiment drags Bursa lower at midday
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KUALA LUMPUR (June 21): Bursa Malaysia extended earlier losses at midday as cautious market sentiment on the back of worries over the US Federal Reserve’s (Fed) future action on interest rates curbed investors’ risk appetite globally.

The FBM KLCI ended the morning session 16.37 points or 1.03% lower at 1,572.68 from last Friday’s close at 1,589.05.

The benchmark index, which opened 8.54 points easier at 1,580.51, fluctuated between 1,567.84 and 1,580.65 throughout the session.

Sime Darby Bhd was the biggest loser among the 30 index constituents, slipping 4.77%, while MR DIY Group (M) Bhd, a new comer to the KLCI, followed suit at 3.07%.  

Market breadth was negative, with losers trouncing gainers 792 to 224, while 362 counters were unchanged, 819 untraded and 17 others suspended.

Turnover stood at 3.57 billion units worth RM1.44 billion.

A dealer said US Fed policymakers projected that interest rates would rise from record-low levels as soon as 2023, compared to their earlier forecast of 2024.

On the local bourse, heavyweights Malayan Banking Bhd (Maybank) eased three sen to RM8.17, Public Bank Bhd slipped one sen to RM4.19, Petronas Chemicals Group Bhd (PetChem) lost eight sen to RM7.92, IHH Healthcare Bhd shed 15 sen to RM5.71 and CIMB Group Holdings Bhd slid two sen to RM4.58.

Of the actives, Vsolar Group Bhd inched down half a sen to 1.5 sen and Industronics Bhd added five sen to 29 sen, while both Focus Dynamics Group Bhd and Fintec Global Bhd were flat at four sen and 3.5 sen respectively.

On the index board, the FBM Emas Index decreased 115.21 points to 11,469.73, the FBMT 100 Index lost 110.93 points to 11,165.4 and the FBM ACE erased 133.67 points to 7,574.03.

The FBM Emas Shariah Index contracted 165.6 points to 12,612.62, while the FBM 70 declined 126.86 points to 14,889.73.

Sector-wise, the Financial Services Index gave up 64.69 points to 15,249.07, the Industrial Products and Services Index shed 2.84 points to 189.17, and the Plantation Index lost 81.56 points to 6,599.99.