KUALA LUMPUR (Feb 22): Stocks on Bursa Malaysia were mixed at midday on Thursday, resulting in the FBM KLCI extending its downtrend to remain lower at noon close.

At 12.30pm, the benchmark index ended the morning trading session 7.18 points or 0.46% lower at 1,545.22. It opened lower at 1,550.71.

Market breadth turned negative, with losers outpacing gainers by 464 to 396, while 471 counters were unchanged. Trading volume was 2.03 billion shares worth RM1.10 billion.

Among the gainers, Malaysian Pacific Industries Bhd rose 6.72% or RM1.76 to RM27.94 a share, Hong Leong Industries Bhd increased 6.47% or 62 sen to RM10.20, Fraser & Neave Holdings Bhd increased 0.75% or 22 sen to RM29.42, Heineken Malaysia Bhd rose 0.87% or 20 sen to RM23.22, and Kia Lim Bhd rose 28.10% or 17 sen or 77.5 sen.

As for the actives, Hong Seng Consolidated Bhd increased 25% or half a sen to 2.5 sen, Reneuco Bhd was unchanged at 9.5 sen, Dagang NeXchange Bhd rose 5.33% or two sen to 35.5 sen, Minetech Resources Bhd rose 2.86% or half a sen to 18 sen, and Notion VTec Bhd rose 31.75% or 10 sen to 41.5 sen.

On the index board, the FBM 70 Index was 75.22 points or 0.48% higher at 15,590.89, F4GBM slipped 1.61 points or 0.17% to 924.73, the FBM Emas Index decreased 22.7 points or 0.2% to 11,499.13, and the FBM Emas Shariah Index dropped 7.62 points or 0.07% to 11,575.19.

Sector-wise, the technology index rose 0.75 point or 1.18% to 64.41, the utilities index slid 10 points or 0.65% to 1,532.85, and the telecommunications and media index was down by 1.90 points or 0.31% to 614.94.

In an earlier note, Apex Securities Bhd expects the KLCI to trade flat on Thursday, influenced by weakened global stock market sentiment.

It noted that the downside will be countered by foreign funds inflows, while lower liners may brace for a consolidation following the recent rally.

Semiconductor stocks, on the other hand, are expected to attract buying interest, following US-based artificial intelligence chip giant Nvidia's better-than-expected earnings and guidance, along with a surge in Nasdaq futures.

Meanwhile, oil and gas counters may resume their uptrend after the recent rebound in oil prices, driven by market assessments of near-term supply tightness, due to geopolitical tensions in the Middle East. 

“We remain bullish on export-related stocks, as the prolonged high interest rates in the US are likely to weaken the ringgit against the US dollar,” it added.

In a separate note, Hong Leong Investment Bank said foreigners’ underweight position on Malaysia had been one of the largest in the past decade, but this had bottomed amid recent persistent net inflows by foreign investors.

"We believe continued robust buying interest from foreigners would cushion the downside (support: 1,522-1,533; resistance: 1,570-1,580-1,600) from a healthy profit-taking pullback after a rally of 97 points year-to-date," it said.