Bursa Malaysia traded lower at midday (Monday) due to selling pressure on heavyweights led by the plantation and financial services sectors.
Sime Darby Plantation Bhd dropped nine sen to RM4.34 per share, Public Bank Bhd at RM4.45 and Malayan Banking Bhd (Maybank) at RM9.50 which is three sen each.
These counters lowered the composite index by a combined 2.60 points.
At 12.30 noon, the FBM KLCI fell 1.99 points to 1,547.12 compared to last Friday's close of 1,549.11.
The benchmark index opened 0.18 points lower at 1,548.93 and now moved between 1,546.48 to 1,553.90 in the morning session.
Market sentiment as a whole was negative where losers outnumbered gainers by 546 compared to 377. Meanwhile, 433 counters remained unchanged, 958 were not traded and 29 others were suspended.
The turnover was 2.13 billion units worth RM1.50 billion.
Malacca Securities Sdn Bhd expects the market to focus on the utility sector as YTL-related stocks are considered more sustainable in terms of valuation.
They found the technology sector results slightly positive last week and believe it will strengthen from the second quarter onwards.
He also said that the strong results from TM last Friday will provide support for the telecommunications sector.
Looking at the market situation of heavyweight stocks, Petronas Chemicals Group Bhd lost six sen to RM6.89, Petronas Gas Bhd lost 14 sen to RM17.92, and Axiata Group Bhd lost three sen to RM2.74, while YTL Corp Bhd gained seven sen. to RM2. 54, and CelcomDigi Bhd rose four sen to RM4.33.
Of the active shares, Hong Seng Consolidated Bhd rose half a sen to 2.5 sen, Ekovest Bhd fell half a sen to 49 sen, and Master Tec Group Bhd rose 9.5 sen to 63 sen.
On the index board, the FBM Emas Index contracted 10.57 points to 11,508.79, the FBMT 100 Index fell 11.82 points to 11,160.35, the FBM Emas Shariah Index decreased 16.32 points to 11,545.46, the FBM 70 Index decreased 6.02 points and the ACE Index fell 44.76 points to 4,841.13.
Sector-wise, the Financial Services Index was down 28.57 points to 17,316.82, the Plantation Index was down 33.56 points to 7,214.27, and the Industrial Products and Services Index was down 0.55 points to 177.30, but the Energy Index was 5.85 points higher at 5.74.935.
