KUALA LUMPUR: The FBM KLCI started on a stronger footing, but remained wobbly as investors remained cautious over the start of Donald Trump's second tenure as President of the United States, and the enactment of fresh trade policies.
The Malaysian benchmark index ended the previous week on a rebound after relentless selling pressure, especially from foreign investors, amid a return of funds to US equities and the greenback.
While the index opened 4.42 points higher to 1,571.14, it subsequently dipped into the red as investors took profit on expectation of a tumultuous period ahead.
Rakuten Trade said the market undertone remained weak following the recent development on chips limitation plus the impact on the local construction scene, especially for the data centre segment.
"For today, we believe bargain hunting to persist as recent selling may have been overtone thus expect the index to hover within the 1,570-1,580 range," it said in its market outlook.
Sharing its technical outlook, Malacca Securities Research affirmed the market downtrend remained intact as the FBM KLCI closed last Friday below all the moving averages.
"Both MACD Histogram and RSI trended in their negative territories. Resistance is anticipated around 1,581-1,586, while support is set at 1,546-1,551," it said in a note.
Among the leading blue chips, Tenaga Nasional climbed 12 sen to RM13.72 and Nestle rose 44 sen to RM92.46.
Press Metal
added eight sen to RM4.92, Sunway was up seven sen to RM4.27 and MISC gained eight sen to RM7.16.
Gamuda rose four sen to RM4.28.
Of actives, Ingenieur was flat at five sen, TWL unchanged at 2.5 sne and Velesto gained 0.5 sen to 19 sen.
