KUALA LUMPUR: Bursa Malaysia ended the morning session marginally higher bucking regional markets affected by shrinking factory acivity data out of China.
China's manufacturing activity contracted for the fourth consecutive month in January.
At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 0.67 points to 1,513.42 from Tuesday's close of 1,512.75.
The barometer index opened 0.15 of-a-point easier at 1,512.60, and subsequently moved between 1,510.84 and 1,514.65 throughout the session.
Market breadth was negative with decliners outpacing gainers 570 to 300, while 426 counters were unchanged, 966 untraded and 52 others suspended.
Turnover amounted to 1.94 billion units worth RM1.02 billion.
SPI Asset Management managing director Stephen Innes said he expects continuation of profit taking activities on Bursa Malaysia with China's Evergrande incident.
He also said the US futures are exhibiting wavering trends as uncertainty looms regarding the extent and timing of Federal Reserve's rate cuts.
Malacca Securities Sdn Bhd expects the overall market to consolidate with the FBM Small Cap showing declines at this juncture.
"Nevertheless, we still like the construction, property, building material sectors for the trading theme within the KL-SG HSR, easing requirements of the Malaysia My Second Home and Johor-related investments."Meanwhile, we believe the oil and gas sector may sustain its momentum as Brent oil price hovers above US$ 82 per barrel," said Malacca Securities.
Besides that, with the Large Scale Solar 5 announcement recently, there will be a spike of trading interest within solar engineering, procurement, construction and commissioning (EPCC), it added.
