KUALA LUMPUR: Bursa Malaysia experienced a decline during the morning session, following the trend in other regional markets, primarily due to profit-taking in specific heavyweights.
At 12:30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) dropped by one point to 1,500.11 compared to the previous day's closing at 1,501.11.
The FBM KLCI started the day with a slight decrease of 0.81 points at 1,500.30 and fluctuated between 1,497.80 and 1,503.73 throughout the session.
In the broader market, decliners surpassed gainers with a ratio of 557 to 375, while 420 counters remained unchanged.
Additionally, 865 stocks were untraded, and 19 were suspended.
Total turnover reached 2.93 billion units valued at RM1.72 billion.
Malacca Securities Sdn Bhd said the FBM KLCI witnessed a breakout from a flag formation, driven by substantial buying activity in YTL-related utilities and prominent banking stocks.
"With the potential revival of the KL-Singapore High Speed Rail (HSR) project, we opine that the overall Construction and Building Material sectors will be positive in the near term.
"We also have a positive outlook on the Property sector, particularly favouring companies with substantial land holdings near ongoing projects," it said.
Malacca Securities highlights the recently inked Johor-Singapore Special Economic Zone (SEZ) agreement could potentially generate positive outcomes for investments in the Johor region, potentially benefiting the Renewable Energy and Water segments in the long run.
