Bursa remains caught in consolidation

KUALA LUMPUR: As Corporate Malaysia entered the final day of the results period, investors remained content on the sidelines, keeping the local bourse within a downward bias consolidation band.

Apex Securities Research expects the sideways trend to continue over the near term in the absence of fresh leads.

However, it noted the downside could be cushioned by US Treasury yield hitting multi-month lows on expectation that inflation is cooling and the Federal Reserve may be done with rate hikes.

"The downward bias consolidation may extend with resistance located at 1,465. Support is pegged around 1,430," said the research firm in a note.

At 9am, the benchmark FBM KLCI was down 1.73 points to 1,444.34 as it slipped below the 50-day simple moving average to reflect growing bearish sentiment.

PETRONAS Chemicals shaved seven sen to RM7.01, MIC fell seven sen to RM7.13 and Press Metal dropped six sen to RM4.83.

There was also a decline in plantations with Kuala Lumpur Kepong sliding 12 sen to RM21.38, IOI losing three sen to RM3.96 and Sime Darby Plantation declining two sen to RM4.53.

Ahead of its earnings announcement later today, CIMB dropped thee sen to RM5.61.

Meanwhile, Malaysia Airports retreated 10 sen to RM7.20, Cahya Mata shed eight sen to RM1.03 and Amway lost eight sen to RM5.50.

Among leading actives, Top Glove was down one sen to 85 sen, Velesto rose 1.5 sen to 23.5 sen and SCIB jumped 1.5 sen to 75 sen.

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