Equities extend retreat as US FOMC looms

KUALA LUMPUR: With anticipation over the results of the US Federal Open Market Committee meeting later this week at a high, domestic investors are taking a leaf from US markets and selling on caution.

At 9.08am, the FBM KLCI was down 6.36 points to 1,520.7, tracking Wall Street's retreat last Friday.

There were 244 decliners compared to 102 gainers in early trade, suggesting another session of negative sentiment across the broader market.

Kenanga Research said in its weekly technical outlook there will probably be more downsides to go for the benchmark index.

Given the bearish signals, the index could be en route to testing its immediate support of 1,510, a break of which could pull the FBM KLCI towards its next support threshold of 1,475.

On a more positive note, the research firm said the lower support is where the bellwether found its most recent bottom before staging a rebound in mid-December last year.

In addition, there could be bargain hunters waiting to step in to provide buying support after the recent selling, it said.

Bank stocks were seen pulling lower led by CIMB down six sen to RM5.24, Maybank dropping two sne to RM8.26, Hong Leong Bank sliding 10 sen to RM19.10 and RHB shedding eight sen to RM5.64. Public Bank however rose one sen to RM4.19.

IHH Healthcare slipped three sen to RM6.54.

Technology counters seemed to have eased its selling for the time being, although it lost 0.1% in early trade. There was some rebound in MPI up 28 sen to RM38.30, KESM rising 20 sne to RM10.88 and UWC adding five sen to RM4.40.

Top actives were DNex gaining 0.5 sen to 99 sen, Coraza jumping seven sen to 73 sen and Aimflex rising 0.5 sen to 18 sen.
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Bursa Malaysia , FBM KLCI , equities


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