KUALA LUMPUR: The selling pressure on Bursa Malaysia took a pause on Tuesday following the previous day's steep decline as investors digested the ramifications of the latest tariff announcements.
The FBM KLCI skidded 4% yesterday, but appeared to have found its footing, going by the 0.5% or 7.63 point rebound to 1,451.43.
Wall Street futures are pointing towards a rebound at the time of writing, which has helped to lift the sentiment in Asia.
However, TA Securities notes that the downside risk remains as there is expected to be a further exchange of tariffs between the US and its trading partners.
"Further correction is expected amid heightened uncertainty, with most investors likely to be sidelined as they await further retaliation measures from major US trading partners such as Canada and the EU," it said in its market commentary.
"Immediate support is revised lower to the 1,400 psychological level, followed by the June 2023 low of 1,369.
"Meanwhile, immediate resistance is also revised lower to 1,490, which represents the 38.2%FR of the rally from the 1,369 low (June 2023) to the 1,684 peak (August 2024), with next upside hurdles seen at the 50%FR (1,527) and the 61.8%FR (1,564)."
Blue chips seeing some recovery after the previous day's carnage include Sunway up 13 sne ot RM4.17, YTL Power rising eight sen to RM3.07, Press Metal
climbing 14 sen to RM4.53 and Gamuda adding 10 sen to RM3.79.
Of actives, MYEG gained 6.5 sne to 77.5 sen, Revenue rose three sen to 11.5 sen and Elridge added one sen to 46 sen.
