KUALA LUMPUR: Bursa Malaysia continued its downward trend to close 5.0 points lower at 1,461.84 at mid day break, dampened by profit-taking activities.
At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 5.0 points to 1,461.84 from Wednesday's closing of 1,466.84.
The index opened 2.06 points easier at 1,464.78 and fluctuated between 1,460.58 and 1,465.16 throughout the session.
Losers outpaced gainers 498 to 328, while 406 counters were unchanged, 1,148 untraded and 24 others suspended. Turnover amounted to 2.18 billion units valued at RM948.04 million.
SPI Asset Management managing director Stephen Innes said after all the bullish market activity from the past two days, investors are now opting to secure some profits as they see US yields rising.
Innes said there is a prevailing sentiment in the markets suggesting that when the Federal Reserve eventually decides to cut, it will be very gradual while still keeping an overall financial tightening bias.
"Whle this explains the narrative, we will still have to keep an eye on data. Oil prices took a nose dive due to oversupply concerns and this would presumably weigh negatively on Malaysia energy sectors," he told Business Times.
Malacca Securities Sdn Bhd said the trading interest will be noted within the technology sector following the softer-than-expected inflation CPI and PPI data from the US.
Meanwhile, the glove sector may get a boost from better-than-expected Kossan Rubber Industries Bhd's results.
"As we are heading into the full-blown reporting season soon, we favour the construction, property, building material, utilities and consumer sectors," it said in a note today.