Bursa remains on a slide as Fed minutes on the horizon

KUALA LUMPUR: Investors on Bursa Malaysia continue to await the release of the minutes of the latest US Federal Reserve meeting expected later this week for signs of where policymakers stand on monetary policy.

Inflation data continues to be the centre of attention as Apex Securities Research said it expects the downward bias consolidation on the local bourse to continue with investors monitoring the release of US existing homes sales data later tonight.

Following the recent pullback, the FBM KLCI formed another bearish candles as the key index continues to defend the 50-day simple moving average, said the research firm.

"Indicators were flat as the MACD Line hovered above the Signal Line, while the RSI declined towards 50.

"The benchmark index could remain sideways below the stubborn resistance of 1,465. Support is pegged around 1,435," it added on a note.

However, there could be some respite for certain sectors, especially technology counters as US stock markets rallied overnight ahead of the release of Nvidia's quarterly result.

Additionally, the higher Sarawak state budget allocation of RM12.4bil for 2024 will drive trading interests within Sarawak-related stocks, said Apex.

At the open, the FBM KLCI was up 1.21 points to 1,458.13.

Stocks were slow to get off the starting line but there were some positive signs from Axiata up two sen to RM2.47, Genting rising two sen to RM4.35 and Sime Darby gaining two sen to RM2.40.

United Plantations continued to put on weight, rising 10 sen to RM17,20, Hap Seng rallied eight sen to RM4.88 and Muhibbah Engineering climbed 7.5 sen to 77.5 sen.

Top actives were Hong Seng gaining 0.5 sen to 3.5 sen, Ages dropping 0.5 sen to seven sen and Leform falling 0.5 sen to 28.5 sen.

Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!


Next In Business News

MAHB records higher 3Q net profit of RM94.76mil
MBSB 3Q net profit decreases to RM32.84mil
Berjaya returns to the black in 1Q with RM15.8mil net profit
Petronas records lower earnings in 3Q amid weaker average realised prices
Ringgit ends higher against US dollar for third straight session
Pharmaniaga’s net loss widens to RM49.3mil in 3Q
MN Holdings posts best quarterly performance since listing
PPB net profit declines to RM372.55mil in 3Q
Cahya Mata Sarawak posts net profit of RM9.9mil in 3Q
Cradle Fund appoints Norman Matthieu as group CEO

Others Also Read