KUALA LUMPUR: Bursa Malaysia opened higher on Tuesday following a mixed overnight performance on Wall Street, but the FBM KLCI soon slipped into negative territory as investors adopted a cautious stance amid lingering uncertainties and a lack of fresh market catalysts.
The FBM KLCI fell 2.04 points, or 0.12%, to 1,677.48 after opening 8.41 points higher at 1,687.93.
Overnight, the Dow Jones Industrial Average fell 0.16% to 50,786.01, the S&P 500 gained 0.30% to 7,405.73, and the Nasdaq Composite gained 0.86% to 25,929.66.
Among the top losers on Bursa Malaysia, United Plantations fell 30 sen to RM31.70, FACB Industries
eased 19 sen to RM1.66 and Maybank slipped eight sen to RM10.62.
Tanco Holdings, which received an unusual market activity (UMA) query from Bursa Malaysia yesterday, extended its losses in early trade, falling 16.5 sen to 95.5 sen.
In response to the query, the property developer said it was not aware of any new or material corporate developments, rumours or reports that could have contributed to the sharp decline in its share price.
Among the gainers, Nestle rose RM1.12 to RM93.12, Malaysian Pacific Industries gained 52 sen to RM46.02, Ajinomoto added 26 sen to RM14.68 and PETRONAS Dagangan climbed 16 sen to RM18.76.
Berjaya Research Sdn Bhd said the FBM KLCI is expected to remain under pressure amid persistent geopolitical uncertainties, cautious global risk sentiment, and ongoing concerns over elevated valuations of AI-related stocks.
Additionally, the research house said uncertainties surrounding Malaysia’s political landscape following the recent dissolution of two state legislative assemblies may further weigh on investor sentiment and prompt a more cautious, risk-averse stance among investors.
“In the absence of fresh positive catalysts, the benchmark index is
likely to remain under pressure and trade within a cautious range as investors continue to adopt a defensive stance,” it said.
Technically, Berjaya Research said the key index has gapped down, wiping out all the gains recorded in the previous session.
“As the recovery momentum fizzles, the immediate support is located at the 1,672 points and thereafter at 1,665 points.
“Meanwhile, the near-term resistance is pegged at the 1,700 psychological level, followed by the 1,707 points,” it added.
