KUALA LUMPUR, April 2 (Bernama) -- Bursa Malaysia stayed in negative territory at midday in tandem with regional peers, given that global conditions remain uncertain as conflicting narratives continue to cloud prospects for a resolution to the West Asia conflict.
At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 16.38 points, or 0.96 per cent, to 1,692.52 from Wednesday's close of 1,708.90.
The benchmark index, which opened 3.14 points firmer at 1,712.04, moved between 1,689.58 and 1,712.80 during the morning.
Market breadth was negative with 696 losers surpassing 338 gainers, while 434 counters were unchanged, 1,180 untraded, and 11 suspended.
Turnover stood at 1.95 billion shares worth RM1.74 billion.
Apex Securities Bhd said both sides have been disputing the existence of peace talks, and no clear negotiation path is in place.
“While the US President Donald Trump has stated that the Strait of Hormuz must be ‘open, free and clear’ before any ceasefire discussions, Iran’s Foreign Minister Abbas Araghchi indicated that Tehran is not seeking a ceasefire, but rather an end to the war.
“Tehran added that there are currently no negotiations underway, underscoring persistent divergences and keeping markets highly sensitive to incoming headlines," it said in a statement.
Meanwhile, the International Energy Agency (IEA) warned that an oil supply crunch could worsen in April, with shortages in key fuels such as diesel and jet fuel already evident in Asia and potentially spreading to Europe, raising the risk of energy rationing and slower global growth, particularly across emerging markets.
Hence, the FBM KLCI is expected to closely track external cues, with overall sentiment likely to remain cautious amid rising macro headwinds, pointing to a choppy near-term outlook.
“We favour the energy sector amid West Asia tensions, with upstream oil and gas benefiting from higher crude prices, supporting near-term earnings.
“Plantations may see indirect support from firmer biofuel demand, while defensive utilities remain attractive as investors seek stability amid heightened volatility,” it said.
Among the heavyweights, Maybank lost 22 sen to RM11.44, both Public Bank and Tenaga Nasional slipped eight sen to RM4.69 and RM14.00, respectively, CIMB shed 13 sen to RM7.58, and IHH Healthcare eased two sen to RM14.00.
On the most active list, VS Industry inched down half-a-sen to 19.5 sen, Top Glove increased four sen to 70 sen, AirAsia X erased six sen to RM1.15, and Pegasus Heights was flat at one sen.
Among top gainers, Concrete Engineering Products expanded 56 sen to RM2.43, Petronas Chemicals jumped 54 sen to RM5.94, Ta Ann went up 16 sen to RM5.47, and Malayan Cement rose 12 sen to RM6.51.
As for top losers, Nestle reduced RM1.68 to RM99.02, United Plantation shed RM1.06 to RM33.74, Malayan Pacific Industries dropped 76 sen to RM29.20, and Petronas Dagangan slipped 58 sen to RM21.42.
On the index board, the FBM Top 100 Index was 107.46 points lower at 12,210.13, the FBM Emas Index gave up 107.24 points to 12,344.42, the FBM Emas Shariah Index declined 48.87 points to 12,150.81, the FBM ACE Index fell 76.47 points to 4,273.88, and the FBM Mid 70 Index decreased 103.15 points to 16,699.20.
By sector, the Financial Services Index dropped 350.83 points to 20,111.42, while the Plantation Index improved 16.38 points to 8,982.65, the Industrial Products and Services Index was marginally higher by 0.90 of a point at 182.78, and the Energy Index increased 13.88 points to 806.20.
-- BERNAMA
