KUALA LUMPUR (Sept 15): Bursa Malaysia ended the morning trading session lower with its key index declining 0.27%, weighed down by losses in selected heavyweights led by Tenaga Nasional Bhd and Top Glove Corp Bhd.
At 12.30pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell 4.14 points to 1,551.37 from Tuesday's close of 1,555.51.
The index, which opened 0.65 of-a-point lower at 1,554.86, moved between 1,549.65 and 1,560.56 throughout the session.
Tenaga Nasional lost 16 sen to RM10.02 and Top Glove dropped nine sen to RM3.14. Losses in both counters dragged the composite index down by a combined 2.97 points.
Market breadth was negative with losers leading gainers 522 to 382, while 412 counters were unchanged, 952 untraded and six others suspended.
Turnover stood at 2.08 billion units worth RM1.39 billion.
Rakuten Trade said sentiments on the local bourse turned cautious following news on interest waiver for loan moratorium recipients and imposition of a windfall tax.
"We reckon the selling was overdone as impact from the proposed interest waiver may not be that significant on banks as it will be only for the fourth quarter of 2021.
"While details remain sketchy, we believe the timing of a windfall tax on glove and plantation companies may be off as consensus see earnings for both to peak this year amid the declining selling prices going forward," it said in a note today.
The brokerage said the index is expected to trend within the 1,560-1,570 range today.
Among the heavyweights, Malayan Banking Bhd shed two sen to RM8.27, Public Bank Bhd was flat at RM4, and Petronas Chemicals Group Bhd bagged eight sen to RM8.
Of the actives, Encorp Bhd increased five sen to 41 sen, Emico Holdings Bhd added 3.5 sen to 47.5 sen, and KNM Group Bhd was flat at 27 sen.
Top gainers were Genetec Technology Bhd, which firmed RM1.78 to RM34.98; Hong Leong Bank Bhd, which advanced 34 sen to RM18.80; and Kelington Group Bhd, which expanded 28 sen to RM1.72.
Among the top losers, Vitrox Corp Bhd and Malaysian Pacific Industries Bhd fell 38 sen each to RM18.62 and RM44.82 respectively, while Nestle (Malaysia) Bhd lost 30 sen to RM134.50.
On the index board, the FBM Emas Index weakened 23.05 points to 11,371.75, the FBMT 100 Index was 24.37 points lower at 11,063.43, and the FBM Emas Shariah Index reduced 39.71 points to 12,451.33.
The FBM 70 dipped 12.92 points to 14,946.5, while the FBM ACE went down 8.95 points to 7,130.34.
Sector wise, the Plantation Index gave up 9.96 points to 6,492.43, the Industrial Products and Services Index rose 1.41 points to 199.35, and the Financial Services Index advanced 35 points to 15,234.82.