KUALA LUMPUR, Dec 2 — Bursa Malaysia turned lower at mid-morning today as selling in blue chips continued to dampen market sentiment, dealers said.
At 11am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 7.73 points lower at 1,770.54, down from 1,779.54 at opening.
As most of the heavily bashed down stocks are oil and gas stocks, which have become technically oversold, Kenanga Research said it believes this could offer good bottom-fishing opportunities.
“While we are fully aware of the underlying sluggish crude oil price trends will for instance slow down capital expenditure decisions — as they are very costly, inclUSive of new field development, we still favour companies that are in the maintenance or production enhancement space,” it said in a note today.
Market breadth was negative with losers outpacing gainers 408 to 237, while 306 counters were unchanged, 747 untraded and nine suspended.
On the scoreboard, the FBM Emas Index fell 35.66 points to 12,159.74, the FBMT100 Index lost 34.28 points to 11,874.54 but the FBM 70 increased 30.22 points to 13,132.19.
The FBM Emas Syariah Index contracted 35.8 points to 12,568.55 and the FBM Ace went down 5.92 points to 5.957.49.
On a sectoral basis, the Finance Index decreased 68.9 points to 15,844.81, the Industrial Index trimmed 20.96 points to 3,225.42 and the Plantation Index lost 58.57 points to 8,116.83.
Turnover stood at 940.33 million shares worth RM684.87 million.
Of the heavyweights, Maybank gained one sen to RM9.15, TNB fell six sen to RM14 and Public Bank was down 10 sen at RM18.28.
Among actives, KNM Group and Minetech Resource eased half-a-sen each to 46.5 sen and 12.5 sen, respectively, while Bumi Armada was up two sen to RM1.03. — Bernama
