KUALA LUMPUR: After a late bounce in the previous session that saw the domestic market end mildly in the red, Bursa Malaysia is expected to keep to sideways trading as investors await the announcement of Malaysia's gross domestic product data.
"The FBM KLCI is expected to hold steady, while investors await further confirmation on Malaysia's economic resiliency," said Apex Securities in a note.
However Malacca Securities Research said buying interest in the US market could spill over to stocks on the local front, especially in the technology sector.
Given the earnings releases from the US corporates are still in a good shape, investors could have brushed the earnings recession narrative aside, it added in its review.
At the start of trading, the benchmark FBM KLCI was down 2.24 points to 1,461.13, showing residual weakness following a decline in the September industrial production index.
There was profit-taking in bank counters including Maybank down three sne to RM9.12, Public Bank falling one sen to RM4.23, CIMB shedding four sen to RM5.77 and Hong Leong Bank sliding six sen to RM19.24.
Press Metal
dropped four sen to RM4.86 and PETRONAS Chemicals slid five sen to RM7.23.
There were also declines in QL Resources, sliding six sen to RM5.59, Hibiscus Petroleum dropping five sen to RM2.64 and OM Holdings losing five sne to RM1.46.
Among top actives, TWL was up 0.5 sne ot 3.5 sen, Ages was flat at seven sen and Edaran surged 14.5 sen to 96 sen.
