KUALA LUMPUR: The selling pressure intensified on the local stock market as investor sentiment soured amid the growing cross-Atlantic feud over Greenland.
The FBM KLCI gapped down 4.25 points to 1,694.81 at 9am, sliding lower after breaking below the 1,700 support in the previous session.
TA Securities noted that the mounting gepolitical tension between the US and Europe should see stocks retrace further as the external sentiment deteriorates.
"Immediate support is kept at the September 2016 low of 1,645, with stronger support coming
from the 76.4%FR (1,610) followed by the 61.8%FR (1,564). Immediate resistance is maintained at the October 2015 high of 1,727, with next
upside hurdle coming at the 123.6%FP (1,759), followed by tougher resistance at the 138.2%FP (1,804)," it said in its technical outlook.
Overnight, US President Donald Trump's threats of fresh tariffs on EU countries led to the biggest one-day drops in the major indices in three months. The Dow Jones shed 870 points or 1.76% to 48,488.95 while the S&P500 lost 2.06% to 6,796.86.
The Nasdaq fell 2.39% to 22,954.32.
On the FBM KLCI, IHH lost seven sen to RM8.34, PETRONAS Dagangan slid 14 sen to RM20.74 and Tenaga Nasional shed eight sen to RM13.72.
Banks were mostly lower although Maybank stood out with a four sen gain to RM11.10.
On the broader market, United Plantations fell 16 sen to RM30.90, Bursa Malaysia fell seven sen to RM8.56 and Pentamaster lost six sen to RM3.70.
Of actives, SBS gained 0.5 sen to 24.5 sen, VS Industry rose 0.5 sen to 46.5 sen and Zetrix AI added 0.5 sen to 81 sen.
