KUALA LUMPUR (Jan 25): The FBM KLCI slumped below 1,600 points in Bursa Malaysia mid-morning trades today on profit taking as the number of decliners across the bourse significantly outpaced gainers at about 900 versus some 200 respectively.

At 11:40am, the 30-stock KLCI fell 3.61 points or 0.23% to 1,593.13 after rising to its intraday high so far today at 1,601.54.

"With momentum and trend indicators on the KLCI registering further deterioration following last week's corrective dip below the 1,600 level, further weakness should ensue, with weaker buying momentum and bargain hunting action likely to exert lower prices ahead. 

"Any technical rebound attempts should be checked by selling on strength, until signs of improvement or stability on the local Covid-19 transmissions emerge,” TA Securities Holdings Bhd analysts wrote in a note today.

Earlier today, Bernama, quoting dealers, reported that Bursa remained mixed as at mid-morning today in line with most Asian bourses, as gains in selected healthcare and plantation counters limited losses.

At 11.04am, the KLCI rose 7.74 points to 1,602.54. The index opened 3.80 points higher at 1,600.54 compared with last week’s close of 1,596.74.

However, on the broader market, losers outpaced gainers 823 to 250, while 338 counters were unchanged, 707 untraded and 24 others suspended.

Total volume stood at 2.63 billion units worth RM1.80 billion.

Among the heavyweights, Maybank declined 4.0 sen to RM7.96, Public Bank fell 14 sen to RM21.52, Petronas Chemicals went down 23 sen to RM7.12 and TNB slipped 1.0 sen to RM9.77, but Top Glove improved 29 sen to RM6.54.

Of the actives, DNeX and Luster Industries rose 1.5 sen each to 27.5 sen, respectively, and Bioalpha gained half-a-sen to 30.5 sen while QES shed 1.5 sen to 36.5 sen.

On the index board, the FBM Emas Index dropped 47 points to 11,516.62, the FBMT 100 Index reduced 37.50 points to 11,257.26 and the FBM Emas Shariah Index was 12.03 points lower at 13,036.92.

The FBM 70 lost 202.34 points to 14,699.34 and the FBM ACE decreased 26.71 points to 10,731.30.

Sector-wise, the Financial Services Index dipped 148.44 points to 14,737.22, while the Plantation Index increased 41.31 points to 7,264.47, and the Industrial Products and Services Index eased 4.0 points to 173.35.