KUALA LUMPUR (Feb 14): Bursa Malaysia trended lower at mid-morning on Wednesday, tracking the Wall Street, which tumbled after the release of the US consumer price index (CPI) data which was above consensus’ expectations.

At 11am, the FTSE Bursa Malaysia KLCI (FBM KLCI) lost 5.43 points to 1,525.94 from Tuesday's close of 1,531.37 after the barometer index opened 3.58 points easier at 1,527.79 in the morning. 

On the broader market, losers led gainers 471 to 237 while 387 counters were unchanged, 1,205 untraded and 10 others suspended.

Turnover amounted to 1.11 billion units worth RM511.76 million. 

Malacca Securities said in a note that the release of US CPI data has pushed back the market expectation of interest rate cuts, translating to higher US Treasury yields and a stronger US dollar.

“As for the local bourse, the FBM KLCI has moved out of the consolidation phase with strong buying interest within the banking sector after the Chinese New Year break,” it said.

It added that local trading sentiment should stay positive with focus revolving around the data centre theme as well as mega infrastructure projects and the soon to be open for bidding large-scale solar 5.

The securities firm said the key sectors to focus on would be construction, property, utilities and renewable energy.

“Meanwhile, we think there might be a spike in shipping rates with the ongoing tension in the Red Sea region, hence benefiting transportation and logistics companies. In the upcoming earnings season, we like the consumer and energy sectors,” it added.

Among the heavyweights, Maybank Bhd lost four sen to RM9.40, Public Bank Bhd lost a sen to RM4.39, Tenaga Nasional Bhd was eight sen easier at RM11 but CIMB Group Holdings Bhd gained three sen to RM6.37.

As for the actives, Bintai Kinden Corp Bhd was flat at 7.5 sen, YNH Property Bhd erased 1.5 sen to 66 sen, PA Resources Bhd added a sen to 36 sen, while Tanco Holdings Bhd warrant was unchanged at 29.5 sen.

On the index board, the FBM Emas Index dropped 32.45 points to 11,341.56, the FBMT 100 Index fell 30.88 points to 10,998.91, the FBM 70 Index depreciated 9.06 points to 15,325.25, the FBM Emas Shariah Index lost 45.31 points to 11,367.32 while the FBM ACE Index erased 23.16 points to 4,810.36. 

Sector-wise, the Property Index added 7.03 points to 919.38, the Plantation Index fell 35.96 points to 7,240.67, and the Energy Index was 2.43 points down to 888.97. 

The Financial Services Index lost 23.02 points to 17,125.24 and the Industrial Products and Services Index shed 0.9 of a point to 174.76.