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Bursa Malaysia closes lower at midday

KUALA LUMPUR: Bursa Malaysia continued to experience losses in the midday session, primarily due to pressure from the financial services sector.

At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined 0.02 per cent or 0.27 points to 1,601.61 from its previous close of 1,601.88.

The overall market remains negative, with 524 losers compared to 355 gainers, and 430 stocks remaining unchanged.

Malacca Securities Sdn Bhd noted that the weak global market conditions and the approaching US elections are likely to contribute to the negative sentiment affecting the local market.

"Thus, we anticipate investors may adopt a defensive stance in a choppy environment, focusing on sectors like real estate investment trusts.

"The weakening ringgit could lift sentiment in export-oriented sectors such as gloves and furniture."

Malacca Securities said the oil and gas sector could benefit from rising oil prices amid Middle East tensions, while plantations stocks are likely to trend positively in line with the crude palm oil price rally.

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