KUALA LUMPUR: Bursa Malaysia started on a negative note on Monday as profit-taking pressure amid growing anxieties over geopolitical tensions halted the recent rally.
At 9.05am, the FBM KLCI was down 1.81 points to 1,601.24, exhibiting further weakness after a slight pullback last Friday amid growing volatility in global markets.
"With the negative sentiment that took place on Wall Street, we expect the local technology counters to likely continue underperforming the broader market.
"Investors may turn their heads to commodities-related or consumer stocks over the near term as commodity prices remain elevated at this juncture," said Malacca Securities Research in a note.
The research firm added that it expects the rally in energy stocks to continue given that Brent oil price continues to be elevated.
On the blue-chip index, most stocks were seen retreating including Press Metal
down 11 sen to R6.87 and Tenaga Nasional sliding five sen to RM9.11.
Maybank rose five sen higher to RM8.71 on the back of a positive performance in its Indonesian arm.
Other banks however were slightly lower including Public Bank down one sen to M4.38 and CIMB sliding three sen to RM5.57.
Plantation counters were mixed with Sime Darby Plantation dropping three sen to RM4.87 and Kuala Lumpur Kepong rising 20 sen to RM26.66.
Meanwhile, laggards on the broader market included MAHB dropping 14 sen to RM6.42, MPI losing 46 sen to RM35.50 and LPI Capital sliding 18 sen to RM14.28.
Top actives were Ta Win unchanged at 18.5 sen, KNM up one sen to 19 sen and XDL falling 0.5 sen to 3.5 sen.
At 9.05am, the FBM KLCI was down 1.81 points to 1,601.24, exhibiting further weakness after a slight pullback last Friday amid growing volatility in global markets.
"With the negative sentiment that took place on Wall Street, we expect the local technology counters to likely continue underperforming the broader market.
"Investors may turn their heads to commodities-related or consumer stocks over the near term as commodity prices remain elevated at this juncture," said Malacca Securities Research in a note.
The research firm added that it expects the rally in energy stocks to continue given that Brent oil price continues to be elevated.
On the blue-chip index, most stocks were seen retreating including Press Metal
down 11 sen to R6.87 and Tenaga Nasional sliding five sen to RM9.11.Maybank rose five sen higher to RM8.71 on the back of a positive performance in its Indonesian arm.
Other banks however were slightly lower including Public Bank down one sen to M4.38 and CIMB sliding three sen to RM5.57.
Plantation counters were mixed with Sime Darby Plantation dropping three sen to RM4.87 and Kuala Lumpur Kepong rising 20 sen to RM26.66.
Meanwhile, laggards on the broader market included MAHB dropping 14 sen to RM6.42, MPI losing 46 sen to RM35.50 and LPI Capital sliding 18 sen to RM14.28.
Top actives were Ta Win unchanged at 18.5 sen, KNM up one sen to 19 sen and XDL falling 0.5 sen to 3.5 sen.
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