KUALA LUMPUR: Bursa Malaysia’s barometer index retraced its earlier advances as selling commenced among most heavyweights and investors shifted to small-cap stocks.
At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell by 3.89 points to 1,610.48 from Monday’s close of 1,614.37, primarily due to losses in PETRONAS counters.
The benchmark index opened 2.63 points higher at 1,617.0 and moved between 1,609.26 and 1,617.37 throughout the morning trading session.
However, the market breadth remained positive, with gainers surpassing decliners 611 to 536, while 451 counters remained unchanged, 802 untraded and nine others suspended.
Turnover amounted to 4.08 billion units worth RM2.41 billion.
A trader noted that selling pressure emerged in heavyweights ahead of the United States Federal Reserve's (Fed) monetary policy meeting and the release of consumer price inflation data.
"Some stocks also experienced profit-taking after last week’s rally,” the trader added.
Regional trends were also negative, as Chinese stock markets reopened in the red after the Dragon Boat Festival holidays due to a risk-off mood ahead of key events.
Closer to home, the Straits Times Index declined by 0.23 per cent to 3,314.54.
Consensus views suggest that the Fed will keep rates steady following the strong job data last Friday, with focus on their latest forecasts for the economy and inflation.
Meanwhile, Bursa heavyweights PETRONAS Dagangan slid 74 sen to RM17.36, Sime Darby shaved nine sen to RM2.66, Nestle shrank RM2.30 to RM124.40, Petronas Chemicals lost five sen to RM6.66, Public Bank was two sen lower at RM4.09, and Petronas Gas gave up 10 sen to RM18.28.
As for the actives, Harvest Miracle improved by one sen to 10.5 sen, JCY International advanced seven sen to 73.5 sen and YNH Property surged 10.5 sen to 77.5 sen, while SMTrack and Widad remained unchanged at 4.0 sen and 8.5 sen, respectively. - Bernama
