KUALA LUMPUR: Bursa Malaysia started Monday on a cautious note, tracking the weaker key Asian markets as investors expected a smaller interest rate cut by the US Federal Reserve.
At 9.14am, the KLCI was down 5.45 points or 0.33% to 1,652.74. Turnover was 226.67 million shares valued at RM64.49mil. There were 129 gainers, 139 losers and 213 counters unchanged.
Asia stocks eased as investors reduced expectations of an aggressive interest rate cut by the Federal Reserve, while heightened Middle East tensions following an Iranian seizure of a British tanker lifted crude oil prices, Reuters reported. US crude futures advanced 0.83% to US$56.09 per barrel.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.1%. South Korea's Kospi shed 0.3%, Australian stocks lost 0.2% and Japan's Nikkei fell 0.5%.
At Bursa, Kenanga Research said the KLCI was testing its 50-day SMA after a series of sell down.
“Coupled with uninspiring key indicators, a break below the foresaid SMA should see the index heading down towards its support levels at 1,630 (S1) and 1,600 (S2). Conversely, resistances can be found at 1,700 (R1). A break above should see the index trend higher towards 1,730 (R2),” it said.
KL Kepong fell the most, down 24 sen with 800 shares done, Tenaga lost 12 sen to RM13.54, PPB Group 10 sen lower at RM18.54 while Maxis lost six sen to RM5.64.
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was down six sen to RM16.58, G3 and QL Resources four sen each to RM2.06 and RM6.80.
Baba Resources, which made its debut on the LEAP Market, rose three sen to 16 sen.
MPI was the top gainer, up 17 sen to RM9.47, Southern Steel six sen to RM1.22, MSM five sen to RM1.24 and Paramount four sen to RM2.40. Westports and Maybulk gained three sen each to RM4 and 63.5 sen.
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