KUALA LUMPUR (March 8): Bursa Malaysia remained lower at midday on Wednesday (March 8) on a lack of positive catalysts to fuel the market.

At lunch break, the benchmark FBM KLCI was down 5.61 points to 1,453.06, from Tuesday's closing at 1,458.67.

The key index opened 3.20 points lower at 1,455.47, and moved between 1,451.08 and 1,458.63 throughout the morning session.

Market breadth was negative, with decliners surpassing gainers 548 to 228, while 343 counters were unchanged, 1,124 untraded, and 11 others suspended.

Turnover amounted to 1.49 billion units worth RM892.01 million.

In a note on Wednesday, Malacca Securities Sdn Bhd said investors may turn their focus on more defensive sectors amid intensifying volatility in the market, while eyeing Bank Negara Malaysia’s interest rate decision on Thursday.

“The banking, real estate investment trust and consumer sectors could be in focus given the heightened volatility of global markets.

“On the other hand, the technology sector may see some selldown following the overnight plunge on Wall Street, with the tech-heavy Nasdaq Composite slipping 1.25%,” it said.

Wall Street closed sharply lower after US Federal Reserve (Fed) chair Jerome Powell suggested that interest rates need to go higher and longer in the Fed’s semi-annual monetary report to US Congress.

Bursa heavyweights Public Bank Bhd eased one sen to RM4.12, Petronas Chemicals Group Bhd trimmed four sen to RM7.20, Tenaga Nasional Bhd dipped two sen to RM9.36, Malayan Banking Bhd (Maybank) was flat at RM8.68, while CIMB Group Holdings Bhd added one sen to RM5.56.

Among the actives, Icon Offshore Bhd at nine sen and Progressive Impact Corp Bhd at 13.5 sen had declined half a sen each, Pharmaniaga Bhd climbed two sen to 33 sen, Capital A Bhd increased 6.5 sen to 83.5 sen, and ATA IMS Bhd rose three sen to 31.5 sen.

On the index board, the FBM Emas Index decreased 43.39 points to 10,587.97, the FBM 70 Index fell 58.24 points to 13,440.71, the FBMT 100 Index dwindled 40.81 points to 10,266.04, the FBM Emas Shariah Index sank 66.31 points to 10,833.16, and the FBM ACE Index slid 60.41 points to 5,426.08.

Sector-wise, the Financial Services Index shed 0.29 of a point to 16,115.99, the Plantation Index shrank 82.56 points to 6,927.44, and the Energy Index slipped 7.30 points to 888.02, while the Industrial Products and Services Index eased 1.23 points to 176.58.