FBM KLCI trades in consolidation as heavyweights earnings in store


KUALA LUMPUR: Malaysia's benchmark stock index is likely to trade in a consolidation channel as it awaits fresh catalysts, particularly the announcement of results from key heavyweights this week.

"Globally, we reckon the rally in US markets may not be sustainable and mild pullback from their overbought zone beckons.

"Economic wise, investors will be keeping their eyes onto US new home sales data to be release tonight," said Apex Securities Research in a note.

The research firm said it expects trading interest to remain in utilities sector that is riding onto the upbeat momentum, coupled with transport and logistics sector with the Baltic Dry Index advancing to near two-month high.

"We also expect some weakness in oil & gas stocks following the retracement in crude oil prices on last Friday," it added.

At the open, the FBM KLCI was down a marginal 0.18 points to 1,548.93 as investors awaited new direction.

Early gainers included Telekom up seven sen to RM5.98, MISC rising four sen to RM7.54 and MR DIY adding two sen to RM1.55.

Decliners were Axiata down five sen to MR2.72, Sime Darby plantations falling nine sen to RM4.34 and Genting Malaysia sliding two sen to RM2.87.

Top actives included Hong Seng up 0.5 sen to 2.5 sen, DNeX gaining 1.5 sen to 37.5 sen and Seng Fong up five sen to 82 sen.

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