Bursa Malaysia closes lower at midday amid profit-taking

KUALA LUMPUR: Bursa Malaysia ended in red at midday due to profit-taking in selected heavyweights.

The FTSE Bursa Malaysia KLCI (FBM KLCI) closed the morning session 0.44 of-a-point or 0.03 per cent lower at 1,561.68 after moving between 1,559.33 and 1,576.57.

It opened 10.49 points higher at 1,572.61 from Wednesday's close of 1,562.12.

The broader market was negative, with losers outnumbering gainers 504 to 383, while 453 counters were unchanged, 1,035 untraded and nine others suspended.

Turnover stood at 2.27 billion units, valued at RM1.51 billion.

Malacca Securities said buying opportunities are expected to emerge in the energy sector, driven by stronger crude oil prices after the US sanctions on Russian oil and Yinson receiving US$1 billion for further capital expenditure.

"Given the rebound in the US driven by cooler inflationary pressure, coupled with an elevated dollar environment, we believe the bargain-hunting activities may emerge on the local front, within the technology sector.

"This will benefit the EMS segment too despite the recent announcement from President Joe Biden curbing the export of AI chips.

"We also like the construction and property sectors, supported by developments such as the Penang LRT project and initiatives under the Johor-Singapore Special Economic Zone (JS-SEZ)," the firm added.

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