KUALA LUMPUR: Extending its retreat, the local market could see further consolidation ahead of the pick-up in corporate earnings results over the coming week.
Apex Securities Research said the market sentiment was largely weighed down by negative developments on China's property market, which offset Malaysia's better-than-expected gross domestic product data in the third quarter of the year.
"Meanwhile, the slight improvement from US-China talks on the potential easing of trade tensions may likely to lend some strength to global markets.
"Looking ahead into this week, the FOMC minutes will be in focus to provide further guidance towards US interest rate direction, moving into 2024," said the research firm in a note.
At the open, the benchmark FBM KLCI was down 1.33 points to 1,460.26 as investors continued to practise caution following recent strong gains.
There was some profit-taking seen in banks, including Maybank down one sen to RM9.11, Public Bank falling two sne to RM4.21 and CIMB droppig six sne to RM5.74.
Tenaga Nasional fell two sne to RM9.94 and IHH was down two sen to RM5.93.
United Plantations pulled 18 sen higher to RM17.28 as optimism over recent strong earnings sustained buying interest.
Crescendo rose 11 sen to RM1.82 on the back of news it was disposing of land in Johor for RM111mil while Greatech gained nine sen to RM4.90 on the back of net profit growth in 3Q.
Among leading actives, Hong Seng was flat at 3.5 sne, Mersec rose 0.5 sen to 35 sen and Hubline was unchanged at four sen.
