KUALA LUMPUR: The domestic market failed to hold firm to early gains as investors took profit amid expectations of further foreign outflow amid a rising US dollar.
At 12.30pm, the benchmark FBM KLCI was down 3.89 points to 1,625.57 as bank stocks reversed earlier gains to dip into negative territory.
The lower liners on Bursa Malaysia were also under selling pressure, leading to a negative overall market breadth of 531 decliners compared to 408 gainers.
Turnover was 2.29 billion shares changing hands for RM1.38bil.
Reuters reported that Asian markets were under pressure from expectations economic releases later this week will show the economic outperformance of the US, supporting the dollar's bull run.
Japan's Nikkei, which reopened after an extended holiday, dropped 1.52% to 39,296.
China's composite index slipped 0.15% to 3,206 and Hong Kong's Hang Seng shed 0.27% to 19,706.
Singapore's Straits Times bucked the regional trend to rise 0.29% to 3,812.
On Bursa Malaysia, the banking sector was subdued with Hong Leong Bank dropping 12 sen to RM20.38, Maybank losing two sen to RM10.12 and CIMB dipping one sen to RM8.10.
PETRONAS Chemicals lost eight sen to RM4.91 while Telekom Malaysia fell 10 sen to RM6.59.
Among the most active counters, Velocity rose 0.5 sen to 7.5 sen, Top Glove gained three sen to RM1.36 and Velesto
dropped 0.5 sen to 7.5 sen.
