KUALA LUMPUR: Bursa Malaysia closed the morning session lower today, with the financial services and plantation sectors declining amid concerns over tensions in the Middle East.
At 12:30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell by 0.99 per cent, dropping 16.45 points to 1,639.94 from Tuesday's close of 1,656.39.
Across the broader market, losers outpaced gainers 795 to 222, while 403 counters remained unchanged.
Malacca Securities Sdn Bhd noted that US stocks fell, partially driven by Iran's missile attack on Israel, which has added to the rising tensions in the Middle East.
"We expect this selling pressure may spill over to the local market, limiting gains in the near term."Key events traders will be monitoring include non-farm payrolls and unemployment claim," it said in a note.
In the commodities market, Brent crude oil jumped more than 3 per cent to US$74, while gold surged past US$2,660 amid escalating tensions in the Middle East.
Crude palm oil (CPO) prices also gained traction, rising above the RM4,070 mark.
According to Malacca Securities, with both the US dollar and ringgit weakening to RM4.15 per US dollar, export-oriented sectors such as gloves and technology could experience a modest recovery.
"However, the current ringgit range should benefit domestically driven by sectors like consumer."In October, we believe traders may focus on construction, property, and utilities sectors ahead of Malaysia's Budget 2025," it added.