KUALA LUMPUR: The FBM KLCI stayed put on the starting line after the previous day's sharp decline as investors remained on the sidelines ahead of the tabling of Budget 2027 while surging US Treasury yields sapped sentiment from equities.
At 9.02am, the key index was unchanged at 1,611.78. Leading laggards included CIMB down eight sen to RM7.27, Gamuda falling four sen to RM5.04 and Hong Leong Bank down four sen to RM21.46.
Apex Securities said equities remained vulnerable to further bond market pressure as the Federal Reserve minutes pointed to another rate hike by the year-end.
Nevertheless, it noted that "inflation expectations remain well anchored and a strong earnings season could still carry the market higher".
For the FBM KLCI, APex said attention will turn to Budget 2027 on Friday, which could provide fresh domestic catalysts, although elevated crude oil prices, geopolitical tensions in West Asia and high global bond yields are likely to keep investors defensive.
"We stay cautious to conservative on the local bourse, as the break below key support and persistent external headwinds are likely to cap any rebound until there is greater clarity from the Budget and from bond yield and oil price developments," it said in a note.
On the actives list, Zetrix AI slipped 0.5 sen to 7.5 sen, Top Glove rose four sen to 89.5 sen and Ni Hsin
gained 0.5 sen to 40 sen.
