KUALA LUMPUR: Bursa Malaysia was in negative territory at midday today, dragged down by continued selling activities led by the utilities stocks amid a lack of new catalysts, analysts said.
At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined by 0.58 per cent or 9.47 points to 1,611.77 from Friday's close of 1,621.24.
The benchmark index, which opened 4.39 points higher at 1,625.63, moved between 1,611.55 and 1,627.23 during the morning trading session.
Market breadth was also negative with decliners thumping gainers 635 to 275, while 440 counters were unchanged, 1,057 untraded and 18 suspended.
Turnover stood at 1.68 billion shares valued at RM1.01 billion.
Malacca Securities Sdn Bhd said looking ahead, traders would closely monitor United States inflation and retail sales data for October, which could dictate the outcome of the upcoming Federal Open Market Committee (FOMC) meetings.
Meanwhile, the stockbroking company suggested that investors turn their focus on the plantation sector heading into the earnings season and first quarter of 2025.
"Also, selected construction and building materials stocks are expected to post stronger earnings, supported by ongoing data centre investments," it said.
Technically, it expected the benchmark index's resistance to be around 1,636-1,641, and support level at 1,601-1,606.
Among the heavyweights, YTL Corporation dropped by 6.0 sen to RM1.99, Tenaga fell 30 sen to RM14.10, MR DIY trimmed 4.0 sen to RM2.12, YTL Power declined 6.0 sen to RM3.18, and Genting Malaysia shed 3.0 sen to RM2.20.
Of the most actives, Azam Jaya jumped 26 sen to RM1.04, Mega Fortris erased 1.5 sen to 65.5 sen, Velesto slipped half-a-sen to 18.5 sen, Talam Transform was flat at 2.5 sen, and Cape EMS rose half-a-sen to 36.5 sen. Azam Jaya and Mega Fortris made their listing debut today.
On the index board, the FBM Emas Index weakened 66.30 points to 12,199.56, the FBM Emas Shariah Index decreased 52.04 points to 12,179.76, and the FBMT 100 Index fell 65.93 points to 11,900.53.
The FBM 70 Index declined 83.96 points to 17,781.43, and the FBM ACE Index slid 44.32 points to 5,100.60.
Sector-wise, the Industrial Products and Services Index slipped 0.90 of-a-point to 171.71, the Energy Index shed 5.29 points to 828.79, and the Financial Services Index dropped by 112.49 points to 19,144.53, but the Plantation Index gained 146.72 points to 7,778.30.