KUALA LUMPUR: Gains in PETRONAS-linked heavyweights partially offset weakness in banking stocks, leaving the FBM KLCI marginally lower in early trade on Monday as investors adopted a cautious stance.
At 9.17 am, the FBM KLCI declined 1.49 points, or 0.09% to 1,729.76. The index opened up 1.2 points earlier.
Berjaya Research Sdn Bhd expects the FBM KLCI to consolidate its recent gains amid a cautious market tone, weighed by renewed geopolitical tensions in the Middle East and the pullback in U.S. chipmaker stocks on Wall Street.
It noted that investor sentiment is expected to remain selective as focus shifts to the upcoming U.S. corporate earnings season, particularly the results of major technology companies, which could influence global risk appetite and drive sector rotation.
“Closer to home, investors will continue to assess whether the encouraging economic backdrop translates into stronger corporate earnings, while monitoring external developments for fresh market direction,” Berjaya Research said.
The research house said that, from a technical perspective, the key index had formed another bullish candlestick, although market sentiment could turn cautious.
“The next resistance is at 1,740 points, followed by 1,750 points. On the flipside, near-term supports are located at 1,712 points and 1,700 points, respectively.”
Among the gainers, Panasonic Manufacturing
rose 48 sen to RM5.78, Malaysian Pacific Industries added 26 sen to RM43.46, PETRONAS Chemicals gained 22 sen to RM4.93 and PETRONAS Gas inched up 22 sen to RM17.66.
In contrast, Hong Leong Bank slid 10 sen to RM22.34, RHB Bank declined 10 sen to RM8.43, Maybank fell eight sen to RM11.12 and SSF Home lost eight sen to 30 sen.
