Bursa ekes out slight gain as rally slows

KUALA LUMPUR: Bursa Malaysia is poised to enter a consolidation phase after riding high on strong economic growth and optimism on an interest rate cut in the US.

The FBM KLCI opened 0.89 points higher at 1,628.38 after Wall Street posted a mixed performance overnight, indicating the current rally may be taking a breather.

"After hitting three-year high, we reckon some pullback may take shape with investors digest recent gains.

"The lower liners are also bound for a potential consolidation with majority of the stocks tethered in the overbought zone," said Apex Securities Research in a note.

The research firm said the ongoing corporate earnings releases will remain in focus.

Plantations were seen falling back with Kuala Lumpur Kepong dropping 22 sen to RM22.22 and IOI shedding three sen to RM4.

Tenaga Nasional rose four sne to RM12.82, YTL Corp gained two sen to Rm3.83 and MISC added two sen to RM8.30.

Sunway Construction, which announced its earnings yesterday, slid nine sen to RM3.26.

Top actives, meanwhile, were market debutant Feytech surging 34 sen to RM1.14, Sapura Energy flat at 4.5 sen and Ingenieur rising 0.5 sen to 8.5 sen.

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