The FBM KLCI was likely to maintain its uptrend after a mild consolidation

BURSA Malaysia retreated from yesterday’s gains to open lower today amid mixed sentiments on Wall Street overnight following the US Federal Reserve’s projection that interest rates may exceed 5% this year, a dealer said. 

At 9.06am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell by 3.77 points to 1,489.65 from yesterday’s closing of 1,493.42.

The market bellwether opened 3.02 points weaker at 1,490.4.

There were 127 losers and 120 gainers in the broader market, while 247 counters were unchanged, 1,717 untraded and 20 others suspended.

Turnover stood at 159.88 million units worth RM46.71 million.

Rakuten Trade Sdn Bhd VP (equity research) Thong Pak Leng said following the US central bank forecast, the Dow Jones Industrial Average dropped 113 points while the Nasdaq was up by 66 points as the US 10-year yield eased to below the 3.53% threshold.

Back home, he said the FBM KLCI was likely to maintain its uptrend after a mild consolidation.

“Hence, expect it to trend in the 1,490-1,505 range today and expect buying interest to shift to telecommunication and banking stocks,” he told Bernama. 

Among the heavyweights, both Malayan Banking Bhd and CIMB Group Holdings Bhd were one sen lower at RM8.79 and RM5.70, respectively, Public Bank Bhd was unchanged at RM4.31, Petronas Chemicals Group Bhd eased three sen to RM8.32 and Tenaga Nasional Bhd lost four sen to RM9.49. 

Of the actives, Tanco Holdings Bhd, Hong Seng Consolidated Bhd and Citaglobal Bhd improved half-a-sen each to 35 sen, 17 sen and 34.5 sen, respectively, while GDB Holdings Bhd gained 1.5 sen to 28.5 sen and L&P Global Bhd rose two sen to 59 sen.  

On the index board, the FBM Emas Index weakened 23.21 points to 10,713.06, the FBM T100 Index contracted 24.85 points to 10,418.2 and the FBM Emas Shariah Index slipped 34.1 points to 10,927.58.

Meanwhile, the FBM ACE shed 12.8 points to 5,425.37 and the FBM 70 trimmed 25.06 points to 13,183.11

Sector-wise, the Financial Services Index dipped 5.82 points to 16,516.64, the Industrial Products and Services Index eased 0.12 of-a-point to 182.39 and the Energy Index slipped 0.07 of-a-point to 795.46 and the Plantation Index fell 11.63 points to 6,956.51. — Bernama / pic TMR