KUALA LUMPUR: Bursa Malaysia closed 1 per cent lower at midday as investors took profit amid news of Joe Biden's exit from the US Presidential elections hit markets.
China's actions to cut key rates to spur the economy provided little comfort to investors.
Areca Capital Sdn Bhd CEO Danny Wong said there was broad-based profit-taking on uncertainty surrounding the US elections with Biden bowing out.
Biden has endorsed Kamala Harris as presidential candidate, to run against Republican candidate Donald Trump.
At 12.30pm, FTSE Bursa Malaysia KLCI was down 1.05 per cent or 17.24 points to 1,619.31 versus Friday's close of 1,636.55.
The key index moved between 1,616.74 and 1,637.12 in the morning trading session.
Losers led gainers in the broader market, 1151 over 168 while 310 counters were unchanged.
The index board was a sea of red with FBM100 losing 1.10 per cent to 12,098.28, FBM Emas slid 1.13 per cent to 12,516.42 and FBM Ace dropped 1.29 per cent to 5,857.58.
Kuala Lumpur Kepong Bhd was among the losers as it shed 42 sen to RM21.08, Gamuda Bhd dropped 24 sen to RM7.96.
Theta Edge Bhd emerged as top gainer adding 19 sen to RM2.99.
BWYS Group Bhd which listed on the Ace Market today was up 14 sen to 36 sen.
Market is expected to trade with a cautious undertone amid expected market volatility.