Profit-taking to continue as global sentiment sours

KUALA LUMPUR: Bursa Malaysia turned bearish in yesterday's trading as the global sentiment turned negative on anxieties over the policy direction of the US central bank.

The benchmark FBM KLCI dove over seven points or 0.5% on profit-taking activities, marking the start of further declines in the week ahead.

Meanwhile, the lower liners are also expected to consolidate while trading activities taper off following the weaker global sentiment, said Apex Securities Research.

"Hence, we advocate traders to excise caution to also take profit off the table, should share prices falls below their respective support levels," said the research firm in its outlook.

"The FBM KLCI formed a bearish candle to retreat after testing the 1,500 psychological level.

"Indicators are mixed with the MACD Line moving sideways above the Signal line, while the RSI trended lower. Following yesterday’s pullback, the benchmark index could remain sideways below the recent high of 1,504. Support is pegged at 1,480."

At the start of trading, the FBM KLCI was down 1.98 points to 1,491.89, which affirmed an extension of the profit-taking activities seen in the previous session.

Blue chips on the backfoot included Tenaga Nasional down six sen to RM10.40, Press Metal sliding three sen to RM4.97, Hong Leong Bank dropping four sne to RM18.78 and Celcom Digi falling two sen to RM4.18.

Among leading actives, SCIB, which hit limit down in the the previous day, bounced two sen higher to 85.5 sen.

KNM was flat at 9.5 sen and SC Builder rose one sen to two sen.