KUALA LUMPUR: A raft of earnings releases is expected to drive action on Bursa Malaysia today, although a better-than-expected result from Nvidia affirmed confidence in AI demand and drove up global risk appetite.
The market was off to a cautious start ahead of results announcements from financial heavyweights. At 9.05am, the FBM KLCI was down 2.47 points to 1,745.34 with Maybank and RHB dragging on the index.
Maybank fell 10 sen to RM12.26 while RHB shed five sen to RM8.26, ahead of their respective earnings announcements expected later today. Hong Leong Bank, also due to announce its results, was flat at RM24.04.
Apex Research noted that an upbeat guidance by Nvidia has eased fears of a deeper AI-related sell-off, promting a modest improvement in risk appetite.
"For Malaysia, AI optimism may support interest in technology-related counters, although broader market sentiment could remain cautious amid external uncertainties.
"Overall, the FBM KLCI is expected to trade range-bound in the near term, as investors are likely to focus on upcoming corporate earnings, while persistent external uncertainties may cap near-term upside," it said in a morning note.
TA Securities said in its technical review the firmer regional sentiment may lend some support to the benchmark, but blue chips are likely to extend their near-term consolidation until clearer domestic catalysts emerge to drive a breakout.
"Immediate support will be at the 1,700 psychological level, with stronger support coming from the September 2016 low (1,645), followed by the 76.4%FR (1,610). Immediate resistance is kept at the 138.2%FP (1,804), with next upside hurdle coming at the 150%FP (1,841), followed by tougher resistance at the 161.8%FP (1,879)."
Among individual stocks, companies that recently announced their quarterly earnings included Nestle, up 50 sen to RM111, Sunway Construction rising 24 sen to RM7.14, Kuala LUmpur Kepong gaining 16 sen to MR19.34 and Sunway jumping 14 sen to RM5.98.
Capital A, the most active share at the time of writing, was flat at 60.5 sen after its late-evening result announcement yesterday.
G3 slipped 0.5 sen to 1.5 sen and NationGate dropped 7.5 sen to 93.5 sen.
