KUALA LUMPUR: Bursa Malaysia was trading lower by midday, pressured by selling activities, particularly in YTL-driven counters.
At 12.30pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined 1.40 points to 1,668.84, down from Wednesday's close of 1,670.24.
The index began the day with a slight increase of 0.31 points at 1,670.55, fluctuating between a high of 1,677.46 and a low of 1,666.88 during the morning trading session.
On the broader market, decliners outnumbered gainers 664 to 293, with 423 counters unchanged.
Turnover was at 1.9 billion units worth RM1.63 billion.
In a note today, Malacca Securities Research said given the ongoing negative sentiment in the US technology sector, it anticipates further selling pressure on local tech stocks.
"Additionally, the strong ringgit could exacerbate the situation.
"On the positive side, the strong ringgit may benefit sectors like consumer, construction, building materials, and utilities," it added.
The firm noted that investors may also re-assess fundamentally solid small-cap stocks after last month's market rout and the current oversold conditions.