KUALA LUMPUR: Bursa Malaysia closed the midday session lower due to continuous selling in selected heavyweights amidst mixed sentiment in regional peers.
At 12.30pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined by 2.71 to 1,615.56 against Monday's close of 1,618.27.
The benchmark index of Bursa Malaysia opened 2.38 points higher at 1,620.65, fluctuating between 1,614.54 and 1,622.93 throughout the morning session.
On the broader market, losers outnumbered gainers 786 to 301, with 434 counters unchanged.
Turnover stood at 2.99 billion units worth RM1.91 billion.
In a note today, Hong Leong Investment Bank Bhd (HLIB) said the FBM KLCI may continue its healthy profit taking pullback in the near term.
The firm added that the index may consolidate in the near term as investors navigate the peak of the May results season and Fed's rate-cut uncertainty.
Nevertheless, it said downside risk is likely to be cushioned at 1,590-1,610 zones, boosted by the return of foreign investors.
"This includes clearer policy frameworks in attracting foreign direct investment along with trends such as China, as well as political stability to expediate economic and fiscal reforms to foster long-term growth and competitiveness," it noted.