KUALA LUMPUR: The FBM KLCI erased early gains while the broader market saw broad-based selling as it succumbed to profit-taking ahead of the weekend.
While Asian markets were broadly higher on a weaker US consumer spending report, investors remained wary of the release of the US personal consumption expenditures report, the Federal Reserve's preferred gauge of inflation, tonight.
At the lunch break, the FBM KLCI was down 1.61 points to 1,602.65. There were 791 declining stocks compared to 299 gainers and 380 unchanged.
The trading volume was 3.15 billion shares valued for RM2.16bil.
Twelve out of the 13 market sectors were in the red, with financial services being the sole outlier.
Helping to shore up the finance sector, Maybank gained four sen to RM9.94, Hong Leong Bank rose four sen to RM19.40 and Public Bank gained one sen to RM4.09.
Meanwhile, leading market laggards included MPI down 86 sen to RM37.88, Guan Chong shaving 23 sen to RM4.07 and Mah Sing sliding 13 sen to RM1.58.
Top actives included MYEG jumping five sen to RM1.11, Datasonic sliding 2.5 sen to 49 sen and Velesto
falling one sen to 26.5 sen.
Regionally, key markets moved higher on cautious sentiment over a slowing US economy, which offers a stronger case for interest rate cuts.
Japan's Nikkei rose 0.9% to 38,397 while Hong Kong's Hang Seng rose 0.94% to 18,402.
China's composite index gained 0.27% to 3,099 and Singapore's Straits Time index added 0.24% to 3,331.
