Bursa Malaysia traded lower at midday on Friday as profit-taking, particularly in property and healthcare counters, weighed on market sentiment.
At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 2.14 points to 1,661.68 from Thursday’s close of 1,663.82. The benchmark index opened 0.68 of a point higher at 1,664.50 before moving between 1,659.74 and 1,668.75 during the morning session.
Market breadth remained negative, with losers outnumbering gainers 700 to 280, while 407 counters were unchanged, 1,356 were untraded and 65 were suspended. A total of 1.63 billion shares worth RM1.0 billion changed hands.
Hong Leong Investment Bank (HLIB) said the FBM KLCI has turned increasingly bearish after breaking below its 200-day moving average of around 1,674, suggesting the index is struggling to hold near this year’s low of 1,663. The research house said weak momentum indicators point to a deteriorating medium-term outlook, with downside risks likely to extend towards 1,650 and 1,625 unless the benchmark recovers above resistance levels of 1,674, 1,686 and 1,708.
HLIB added that the market is expected to remain in a prolonged consolidation phase in the near term as investors wait for stronger domestic catalysts.
Among heavyweight stocks, IOI Properties fell 11 sen to RM3.94, Press Metal declined 10 sen to RM7.69, YTL Power eased five sen to RM4.04, Sunway Healthcare lost three sen to RM1.78 and MR DIY slipped two sen to RM1.63.
On the broader market, the FBM Emas Index fell 45.68 points to 12,334.47, while the FBM ACE Index dropped 56.19 points to 4,730.87. The Financial Services Index lost 42.61 points, while the Energy Index edged up 0.03 of a point.
