KUALA LUMPUR: Bursa Malaysia opened lower on Tuesday, tracking overnight losses on Wall Street as investors remained cautious amid geopolitical uncertainties and ahead of key US economic data.
Overnight, the S&P 500 fell 59.72 points, or 0.8%, to 7,683.69 and the Nasdaq Composite fell 248.34 points, or 0.9%, to 26,820.38. The Dow Jones Industrial Average fell 0.7%.
Back home, the benchmark FBM KLCI slid 7.92 points, or 0.47% to 1,662.10 at 9.25 am. The index opened down 5.91 points at 1,664.11 earlier.
Among the top losers, Allianz fell 28 sen to RM20.82, while Kuala Lumpur Kepong declined 18 sen to RM22.42. Hong Leong Financial Group shed 12 sen to RM18.78, APM Automotive
lost 10 sen to RM2.70 and Press Metal eased seven sen to RM7.45.
In contrast, Malaysian Pacific Industries rose 38 sen to RM42.58, followed by F&N, which gained 16 sen to RM22.38. KKB climbed 15 sen to RM1.29, while Solarvest and Vitrox added 14 sen and 12 sen to RM4.30 and RM9.98, respectively.
“The near-term outlook for the FBM KLCI remains tilted to the downside, with investors likely to stay cautious amid lingering geopolitical uncertainties and a lack of fresh domestic catalysts,” Berjaya Research Sdn Bhd said.
The research house said attention will also turn to the upcoming US job openings and consumer confidence data later tonight, which could shape expectations for the Federal Reserve’s policy path and, in turn, global risk appetite.
Softer-than-expected readings could offer some relief to equities, while signs of resilient labour demand or weakening consumer sentiment may add to market volatility
“Against this backdrop, the local bourse may continue to face selling pressure, as gains are likely to remain tentative; the immediate resistances remain located at 1,678-1,690 points. The supports are pegged at 1,660 points, followed by 1,655 points,” Berjaya Research said.
The research house said the broader market outlook remains cautious, with risk appetite likely to stay subdued amid persistent geopolitical uncertainties.
“Lower liners may remain vulnerable to further profit-taking, while investors are likely to adopt a wait-and-see approach in search of fresh leads,” it added.
Meanwhile, Rakuten Trade said the recent market decline could spur selective bargain hunting in banking, energy and oversold blue-chip stocks.
