KUALA LUMPUR: The rebound on the FBM KLCI lost steam by mid-morning to return to negative territory as profit-taking pressure pulled equities prices lower following the end of the corporate earnings season.
Positive performances during the peak earnings season that ended in August helped to shore up equities prices even as market sentiment improved over the higher vaccination rates and gradual reopening of the economy.
At 12.30pm, the benchmark index was down 3.84 points to 1,583.05, extending its fall below the 1,600 psychological level.
MISC dropped 16 sen to RM6.89 while Top Glove was seen easing three sen to RM3.89.
Bank counters were mixed as Maybank dipped two sen to RM8.28 and Public Bank edged one sen tlower to RM4.07. CIMB rose one sen to RM4.90 while Hong Leong Bank climbed 10 sen to RM19.02.
On the broader market, the biggest losers were led by MPI sliding RM1 to RM44, Genetec falling 88 sen to RM29.54 and KESM sliding 18 sen to RM12.18.
Top actives were HWGB up 3.5 sen to 33.5 sen, TFP rising 0.5 sen to 22.5 sen and Bintai Kinden losing four sen to 52.5 sen.
In Asia, equites bounced higher after spending a brief time in the red amid anxieties over restrictions to combat the spread of the Delta variant of the Covid virus.
China’s main index was up 0.5% and Hong Kong’s Hang Seng rose 0.1%.
Japan’s Nikkei gained 0.25% while South Korea’s Kospi fell 0.9%. Australia’s ASX200 slid 0.8%.