KUALA LUMPUR: The FBM KLCI slipped back in the early session but remained on course to end on a weekly gain.
At 12.30pm, the key index was down 4.39 points to 1,622.73, nearly 12 points higher than the closing price last Friday. Over the course of morning trade, the index moved within a 5.56-point range of 1,617.17 to 1,622.73
Domestic stocks experienced some profit-taking after a fall in the S&P500 and Nasdaq indices overnight as investors rotated out of big caps on Wall Street, in expectation that smaller firms will benefit the most from cheaper lending moving forward.
The renewed bets on Federal Reserve rate cut in September came after a surprise 0.1% month-on-month decline in US inflation in June, affirming that central bank measures to rein in escalating prices were having their intended effect.
On Bursa Malaysia, investors were also cashing in on the lower liners, giving the market a negative breadth of 639 decliners compared to 432 gainers.
The share turnover was 2.57 billion changing hands for RM1.58bil.
Of the 13 market sectors, all but three were negative with the most declines recorded in the utilities, financial services and telcos sectors.
Among leading blue chips, YTL Power dropped 14 sen to RM5.01, Telekom shed six sen to RM6.96 and PETRONAS Chemicals dipped six sen to RM6.09.
Hong Leong Bank dropped 12 sen to RM19.06, Maybank fell four sen to RM10.02 and Public Bank lost one sen to RM4.11.
Top actives were Nova MSC up 0.5 sen to 20.5 sen, Berjaya gaining one sen to 34 sen and G3 rising 0.5 sen to four sen.
