KUALA LUMPUR: Profit-taking pushed Bursa Malaysia further into negative terrority at midday.
At 12.30pm, FTSE Bursa Malaysia (FBM) KLCI dropped 0.47 per cent or 6.77 points to 1,447.89 versus Friday's close of 1,454.66.
The key index which opened 0.17 per cent lower at 1,452.20 moved between 1,446.36 and 1,452.58 in the morning trading session.
The broader market was negative as losers led gainers 475 to 373 while 392 counters remained unchanged.
On the index board, FBM Emas shed 0.35 per cent to 10,786.31, FBM 100 dropped 0.37 per cent or 10,446.97 and FBM Ace declined 0.14 per cent to 5,314.62.
Malacca Securities noted buying interest is expected to emerge on the local front within the technology sector as US stock markets near their all time high zone.
"Meanwhile, with the PADU system launched, there might be follow up in the targeted subsidies going forward, which may affect the consumer and utilities sector. "Also, should there be any revival of the Kuala Lumpur-Singapore High Speed Rail, it may provide an upside boost towards the construction, building material and property sectors," it noted. Meanwhile, Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng reckoned that foreign funds flow will persist into the local bourse amid a strengthening of the ringgit that dipped below the 4.60 mark against the US dollar.
"For today, we believe the index to hover within the 1,455-1,465 range with banks to remain as the main focus," said Thong.