FBM KLCI slips into the red at midday

KUALA LUMPUR: The FBM KLCI closed in the negative territory at lunch break as cautious sentiment persisted.

At 12.30pm, the 30-stock index fell 2.12 points, or 0.15% to 1,452.26, with 17 of the component stocks ending lower.

Market breadth was negative, with 443 losers against 290 gainers, while 409 were unchanged. Turnover stood at 1.63 billion shares valued at RM955.27mil.

“During this final trading week of the year, a convincing breakout above 1,470 on the FBM KLCI needs to happen to encourage further gain towards the 1,490/1,500 level, where the index hopefully will end the year as window-dressing activity returns,” TA Securities said.

Meantime, it said the 1,450 immediate support level must hold to prevent further correction potential towards better supports at 1,440 and 1,430, while 1,400/1,390 should act as stronger support.

“As for blue-chip picks for the last week of this year, core banking and telco counters AmBank, CIMB, RHB Bank, Maybank, Axiata, CelcomDigi, Maxis and TM should hopefully again attract bargain hunters looking to latch on to year-end window-dressing upside,” TA said.

Meanwhile, Malacca Securities believes buying support may return on the local front, heading into the final week of window dressing activities.

“We will be looking for possible trading opportunities within the banking heavyweights amid the final week of window dressing activities.

“Meanwhile, we like the technology sector with the rising Wall Street environment. Also, the Johor-theme may emerge in 1H24 if the government revives the KL-SG HSR project. Hence, we favour the construction, property, building material, and utilities sectors,” it said.

Among the losers on Bursa Malaysia, Rapid tumbled RM1 to RM28.50, Hextar Technologies fell 58 sen to RM21.42, Hong Leong Bank slid 48 sen to RM18.50 and Allianz lost 22 sen to RM18.44.

Nestle surged RM1.70 to RM121.20, See Hup Consolidated rose 21 sen to RM1.10, Ajinomoto added 14 sen to RM16.10 and Dutch Lady gained 14 sen to RM16.10.