KUALA LUMPUR: The FBM KLCI extended its losses in early trade underpinned by losses in PETRONAS-linked companies while Nestle emerged as among the major gainers.
At 9.13am, the benchmark index fell 2.88 points, or 0.21% to 1,375.77. It opened 2.86 points lower at 1,375.79.
Turnover was 589.9 million shares valued at RM241mil. There were 172 gainers, 302 losers and 272 counters unchanged.
Among the losers on Bursa Malaysia, PETRONAS Dagangan fell 36 sen to RM21.94, Panasonic Manufacturing eased 34 sen to RM18.80, PETRONAS Gas lost 12 sen to RM16.54 and United Plantations declined 10 sen to RM15.06.
Nestle rose 20 sen to RM132.30, Carlsberg added 12 sen to RM20.60, Aeon Credit gained 10 sen to RM11.38 and Hong Leong Bank climbed eight sen to RM18.84.
Overnight, the S&P 500 ticked down 0.38% to close at 4,267.52 and the Nasdaq Composite declined 1.29% to end at 13,104.89.
The Dow Jones Industrial Average, the outlier among the major averages, added 91.74 points, or 0.27%, closing at 33,665.02.
Inter-Pacific Research Sdn Bhd said with the selling pressure still prevailing, hopes for a rebound appear remote for the time being, despite its already severely oversold conditions.
“As it is, investor confidence remains frail, hampered by the lack of catalysts and concerns over the country’s economic and corporate earnings outlook after a disappointing 1Q23 results performance,” it said.
The research house said leads from overseas equity markets were also thin, particularly among regional equities and collectively, these unsavoury factors could continue to leave the FBM KLCI to drift further.
“With successive technical support levels already breached, the supports are now lowered to around the 1,370 and 1,372 levels respectively. A break of this level could send the key index to the next support at 1,365 level, which was last seen in April 2020. The immediate hurdle is at 1,380 points, followed by the 1,385 level,” it said.
Malacca Securities said the current level of FBM KLCI may attract bargain-hunting activities from investors as values could be emerging.