2 weeks Ago
KUALA LUMPUR: Selling resumed on Bursa Malayisa following the sharp retreat on Wall Street as US Preident Donald Trump intensified his attacks on the Federal Reserve, threatening to undermine the independence of the central bank. At 9am, the benchmark FBM KLCI was down 7.03 points to 1,492.
44 following a muted session yesterday that suggested foreign selling had slowed on the domestic market. Rakuten Trade noted that while the slowdown in the foreign funds from Bursa Malaysia may be good news, the previaling low daily volume is negative for the market daily velocity. "As such, the local bourse is in dire need of major buying catalysts with the local institutions to take the lead in accumulating shares at current reasonable levels," it said in a note.
TA Securities said investors are expected to maintain a cautious approach, refraining from significant moves due to the absence of strong catalysts in anticipation of key earnings report from major US companies later this week. "Immediate resistance is maintained at 1,527, which represents the 50%FR of the rally from the 1,369 low (June 2023) to the 1,684 peak (August 2024), with next upside hurdles seen at the 61.8%FR (1,564) and the 76.
4%FR (1,610). "Immediate support remains at the 23.6%FR (1,444) with stronger supports seen at the 1,400 psychological level, followed by the June 2023 low of 1,369," it said in its commentary.
Leading laggards on Bursa Malaysia included Nestle down 48 sen to RM80.02, PETRONAS Dagangan shedding 38 sen ot RM19.12 and Heineken falling 38 sen to RM26.
12. Top actives included Ingenieur flat at four sen, Jiankun unchanged at three sne and Magma unoved at 37 sen..
