KUALA LUMPUR: Bursa Malaysia ended lower at midday in tight trading range in tandem with weaker regional markets as investors took profits awaiting key economic data from several countries.
At lunch break, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.44 points to 1.442.69 from Tuesday's closing of 1,444.13.
The index, which opened 0.9 of a point easier at 1,443.23, moved between 1,441.06 and 1,443.94 during the session.
On the broader market, decliners trumped gainers 530 to 201, while 412 counters were unchanged, 1,207 untraded and 10 suspended.
Turnover stood at 1.79 billion units worth RM922.17 million.
Malacca Securities Sdn Bhd said the FBM KLCI has taken a break after a two-day rebound, with the selling pressure noticed within Nestle and PetroChemical. "Also, the profit taking activities emerged on Wall Street ahead of the jobs data which may indicate the direction of the Fed's rate policy going forward.
"The market is looking at a pause for the interest rate this year, and could be expecting a rate cut as soon as March next year," it said in a note today.
The next Federal Open Market Committee meeting will be held on December 12-13.
Malacca Securities also said the ongoing geopolitical tension in the Middle East may be dampening the overall market sentiment as well, limiting the upside potential on the global and local stocks markets.
The positive sentiment may sustain in the real estate investment trust sector if the Overnight Policy Rate is maintained at 3.0 per cent.
"Meanwhile, we believe traders should avoid the oil and gas sector given the weak Brent crude oil prices."We expect traders to focus on the window dressing opportunities this month within the government linked corporations that are in the construction and property sectors. "Also, the usual sector that may surge will be the banks," it added.
