KUALA LUMPUR: Bursa Malaysia slipped in early trade as profit taking emerged, while losses in PETRONAS-linked heavyweights added to the pressure following Wall Street’s overnight selloff.
The benchmark FBM KLCI fell 5.26 points, or 0.31%, to 1,752.51 at 9.13 am, after opening 1.99 points lower at 1,755.99.
Overnight, a broad-based selloff on Wall Street pushed all three major US indexes down more than 1% at the close, with the Dow Jones Industrial Average declining 1.66%, the S&P 500 shedding 1%, and the Nasdaq Composite sliding 1.1%.
Berjaya Research said the FBM KLCI is poised to consolidate going forward with a mild positive bias, underpinned by its recent streak of gains and improving market breadth.
However, the research house noted that upside momentum may remain measured as investors turn their attention to the upcoming U.S. consumer confidence data which could offer fresh insights into the resilience of household spending and the broader economic outlook.
Berjaya Research said a stronger-than-expected reading may bolster global risk appetite, lending support to cyclical sectors and vice versa.
“Technically, the FBM KLCI has gapped up and formed another doji candlestick. With upsides prevailing, near-term resistance is located at 1,762 points, followed by the next resistance at 1,771 points.
“Meanwhile, the immediate support is envisaged at 1,734 points, followed by 1,720 points,” Berjaya Research said.
Rakuten Trade said it remains steadfast that the underlying tone of the local bourse is solid, although US President Donald Trump’s latest tariff policy may create some short-term confusion.
“As such, we expect the index will hover within the 1,750-1,760 range today,” it added.
Among the decliners, Nestle fell 60 sen to RM111.80, PETRONAS Dagangan slipped 24 sen to RM20.74, PETRONAS Chemicals eased 17 sen to RM3.12 and Carlsberg shed 16 sen to RM17.84.
On the upside, Sunway Construction advanced 21 sen to RM5.62, Vstecs rose 12 sen to RM4.39, United Plantations added eight sen to RM30.40 and BLD Plantation
gained 10 sen to RM15.30.
