KUALA LUMPUR (Feb 28): Bursa Malaysia continued its downward momentum at midday on Wednesday, due to persistent selling of selected heavyweights led by the utilities sector. 

The market was also weighed down by regional markets’ downbeat performance.

 At 12.30pm, the FBM KLCI had decreased 7.99 points to 1,550.81, from Tuesday’s close at 1,558.80.

Tenaga Nasional Bhd eased 44 sen to RM10.98 per share, YTL Power International Bhd slid 19 sen to RM3.96, and YTL Corp Bhd lost seven sen to RM2.64. These utilities counters pushed the composite index down by a combined 8.07 points.  

The benchmark index, which opened 2.50 points weaker at 1,556.30, moved between 1,549.54 and 1,556.69 during the morning session. 

The broader market saw losers leading gainers 678 to 297, while 387 counters were unchanged, 947 untraded, and 77 others suspended.

Turnover amounted to 2.68 billion units worth RM1.53 billion.

ActivTrades trader Anderson Alves said Asian markets were poised for choppy price action on Wednesday, as investors awaited definitive catalysts.

“Attention is particularly focused on the real estate sector and official financial updates from China, following statements indicating China's commitment to stabilising the housing market.

“Furthermore, the People's Bank of China conducted a meeting in February, emphasising the strategic use of monetary tools, though the specifics were not disclosed.

“Anticipation is building for additional fiscal and financial measures, especially after Chinese authorities took decisive steps to mitigate short selling and stabilise stock market fluctuations,” he said. 

In the near term, he said, market participants were keenly awaiting a slew of critical economic indicators, including the Australian consumer price index, Japanese retail sales, and the second revision of US gross domestic product for the last quarter.

“Preliminary data on US personal consumption expenditures (PCE) prices for the same period will also be under scrutiny.

“It's important to highlight that as the month draws to a close, there could be an uptick in interest in Asia-Pacific equities and other risk assets, driven by month-end trading dynamics favouring emerging-market assets,” he added. 

Meanwhile, Malacca Securities said traders will be focusing on the upcoming core PCE, unemployment claims and US manufacturing purchasing managers index data, as these factors may dictate the US central bank's tone going forward.

Among the heavyweights, Maxis Bhd shed three sen to RM3.80 a share and Public Bank Bhd edged down one sen to RM4.46, while MISC Bhd perked eight sen to RM7.58 and Nestlé (Malaysia) Bhd increased RM1.30 to RM122.80. 

Of the actives, Velesto Energy Bhd rose two sen to 28.5 sen, Fitters Diversified Bhd gained one sen to 5.5 sen, Minetech Resources Bhd inched up half a sen to 17 sen, DC Healthcare Holdings Bhd slipped half a sen to 24.5 sen, and Hong Seng Consolidated Bhd was flat at two sen.

On the index board, the FBM Emas Index was 49.29 points lower at 11,505.34, the FBMT 100 Index went down 45.26 points to 11,164.33, the FBM Emas Shariah Index reduced 54.47 points to 11,526.62, the FBM 70 Index fell 12.01 points to 15,498.79, and the FBM ACE Index declined 30.95 points to 4,774.00.

Sector-wise, the Financial Services Index rose 0.22 of a point to 17,342.37, and the Energy Index was 11.27 points higher at 942.75, but the Plantation Index dipped 14.28 points to 7,168.78, and the Industrial Products and Services Index shrank 0.94 of a point to 176.85.