KUALA LUMPUR: The FBM KLCI slipped deeper into the red at midday amid broad-based weakness on Bursa Malaysia.
At midday, the FBM KLCI fell 10.26 points, or 0.63%, to 1,617.17, just off its intramorning low of 1,616.43.
There were 777 counters in negative territory against 282 gainers, while 463 were unchanged. Turnover stood at 2.97 billion shares valued at RM1.5bil.
TA Securities said range-bound trading is likely to persist as investors adopt a wait-and-see stance ahead of upcoming corporate earnings releases from key domestic heavyweights later this week.
“Immediate resistance is maintained at the December 2024 high of 1,644, with the highs of 1,684, and 1,695 as tougher upside hurdles.
“Immediate support is capped at the 61.8%FR (1,564), with stronger supports seen at the 50%FR (1,527) followed by the 38.2%FR (1,490),” it said.
Meanwhile, Apex Securities said Malaysian equities are likely to remain range-bound as external uncertainties, particularly from the US, continue to weigh on sentiment.
“With year-end approaching, local funds may turn more defensive, supporting large caps while keeping pressure on mid- and small-cap counters.
“Investors are also awaiting a clearer read on the labour market, with the long-delayed September jobs report now scheduled for release on Nov 20,” Apex said.
“We favour domestic-oriented and defensive sectors such as consumer, power-related, and renewable energy plays, which offer more resilient earnings backed by government initiatives supporting the clean energy transition and growing data centre development,” it said.
Apex said that major heavyweight sectors such as financials may also attract renewed interest as investors adopt a more risk-averse posture heading into year-end.
Among the decliners on Bursa Malaysia, Malaysian Pacific Industries
slid 76 sen to RM30.74, PETRONAS Dagangan fell 56 sen to RM21.54, Kuala Lumpur Kepong declined 26 sen to RM20.50 and SAM Engineering gave up 23 sen to RM4.08.
Conversely, Nestle rose 50 sen to RM112.90, Bintulu Port added 27 sen to RM5.28, United Plantations gained 24 sen to RM27.04 and Hong Leong Industries climbed 20 sen to RM15.30.
Newly listed PMW fell 1.47%, or 0.5 sen, to 33.5 sen with 71.08 million shares traded.
