FBM KLCI opens lower, set to remain subdued

  • Markets
  • Wednesday, 07 Jun 2023

KUALA LUMPUR: The FBM KLCI opened lower this morning and looked set to trade subdued on cautious investor sentiment.

Rakuten Trade Sdn Bhd reckoned trading to remain subdued today as sentiment continues to stay cautious amid prevailing political scenarios.

“Therefore, we expect the index to trend between the 1,380-1,390 range today. Again, we advocate investors to look at banking stocks following a spate of solid results for the first quarter and that the Financial Index is currently trading at a 6-month low,” it said.

TA Securities said the local market should stay range bound pending firmer domestic market leads, and investor caution over potential for the US Federal Reserve to raise interest rates in next week's FOMC meeting.

“Crucial index support from last October's pivot low of 1,372 must hold to prevent tests of stronger chart support at 1,350, 1,320 and 1,300.

“Immediate overhead resistance will be at 1,420, followed by the 200-day moving average at 1,452, and then 1,480 and 1,500 acting as stronger resistance levels,” TA Securitie said.

At 9.10am, the benchmark index shaved 4.37 points, or 0.3% to 1,379.04. The index opened 1.17 points lower at 1,382.00.

Panasonic Manufacturing tumbled RM1.36 to RM18.50, Nestle eased 40 sen to RM131.10, Dutch Lady fell 14 sen to RM25.04 and Hong Leong Bank declined 10 sen to RM18.70.

Malaysian Pacific Industries jumped 58 sen to RM27.58, Allianz rose 14 sen to RM14.70, Aeon Credit gained 12 sen to RM11.40 and PPB climbed eight sen to RM15.80.

Newly listed Edelteq Holdings Bhd jumped 52.5 sen to 76.5 sen with 48.95 million shares traded.

Overnight, the US market edged slightly higher to extend its recent positive momentum as investors anticipate the trade balance data later today.

The Dow Jones Industrial Average finished 0.03% higher to end at 33,573.28 while Nasdaq and S&P 500 added 0.36% and 0.24% to close at 13,276.42 and 4,283.85.

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KLCI , Bursa Malaysia , FBM KLCI


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