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Bursa Malaysia closes midday lower on cautious investor sentiment

KUALA LUMPUR: Bursa Malaysia closed lower at midday, driven by cautious investor sentiment, despite a strong performance on Wall Street overnight.

At 12.30pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 9.26 points, or 0.56 per cent to 1,624.91 from Wednesday's close of 1,634.17.

The benchmark index started 1.97 points up at 1,636.14 and fluctuated between 1,623.30 and 1,639.55 during the morning session.

On the broader market, decliners outnumbered gainers 633 to 359 while 463 counters were unchanged. 

Turnover amounted to 2.31 billion shares worth RM1.68 billion.

In a note today, Malacca Securities Research said given Wall Street's strong overnight performance, it believes "Trump Trade" could spill over to the local bourse, particularly in the technology sector in the near term. 

"While we anticipate that the oil and gas (O&G) sector may trade flat, given current crude oil prices, we maintain a positive view on glove stocks, as the ringgit is likely to depreciate in the near-term following Trump's victory."

"Additionally, we favour the construction, building materials, property, and utilities sectors as we enter the corporate earnings season," it said.

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