Bursa investors take to the sidelines in lead up to Budget 2024

KUALA LUMPUR: With Budget 2024 to be tabled later in the afternoon, investors could be cashing out of recent gains as they stay to the sidelines in anticipation of new developments.

According to Apex Securities, investors could also take the opportunity of hotter-than-expected US inflation data and a weak US market performance to take money off the table.

"The rally in lower liners may also come to a halt, taking cue from the weakness on Wall Street overnight," said the research firm.

Meanwhile, it said Budget 2024 is expected to remain expansionary with the healthcare, education, construction and, digital transformation, telecommunication and renewable energy sectors to emerge as some of the key winners.

At the start of trading, the benchmark FBM KCLI was down 0.45 points to 1,443.37, suggesting a mild pullback and the start of cautious trading.

There was some profit-taking in bank counters including Maybank down three sen to RM8.96, Public Bank sliding two sen to RM4.16 and RHB down one sen to RM5.58.

Hong Leong Bank, however, rose 28 sen to RM19.70.

IHH Healthcare also slid seven sen to RM5.89 and Kuala Lumpur Kepong dipped eight sen to RM21.42.

Top actives on the market included Tanco down 0.5 sen to 56 sen, OpenSys rising two sen to 37.5 sen and Widad down 0.5 sen to 54 sen.