By Admin
KUALA LUMPUR: Bursa Malaysia extended its decline, ending lower at midday in line with regional peers.
At 12.30pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) dipped 13.14 points to 1,647.21 from yesterday’s close of 1,660.35.
The benchmark index opened 6.78 points lower at 1,653.57 and fluctuated between 1,642.80 and 1,654.38 during the morning session.
On the broader market, losers trumped gainers 749 to 205, with 392 counters unchanged.
Turnover was at 1.68 billion units worth RM1.53 billion.
In a note today, Malacca Securities Research believes the local technology sector may face headwinds due to the strengthening ringgit, despite the rebound in US technology stocks.
It added that Globetronics’ auditor resignation presents a potential affect to the sentiment for the sector.
“On the flip side, we favour sectors that benefit from a stronger ringgit, such as consumer and financials,” it said.
Additionally, the firm is also positive on selected construction and building materials stocks, supported by the data centre segment.