KUALA LUMPUR: Bursa Malaysia kicked off the trading week on a weaker note as investors took profit following the recent gains.
The FBM KLCI eased 3.42 points, or 0.23% to 1,452.96 at 9.17am. The index opened 1.41 points lower at 1,454.97.
Nestle tumbled RM1.70 to RM118.30, Malaysian Pacific Industries
lost 14 sen to RM26.60, Frontken declined seven sen to RM3.11 and PETRONAS Dagangan fell eight sen to RM22.22.
Among the gainers, Allianz rose 26 sen to RM18.46, Kuala Lumpur Kepong added 10 sen to RM21.40, Apollo Food gained nine sen to RM5.19 and PETRONAS Gas advanced eight sen to RM16.76.
Inter-Pacific Research said the sustained gains on key index are encouraging and is raising hopes that there could be more near-term gains ahead as the FBM KLCI also looks to possibly end the year on a firmer note.
As it is, there appears to be sustained buying support from foreign institutions that could also help to prolong the upward streak as these funds continue to bargain hunt on stocks seen to be undervalued vis-à-vis the potential earnings growth in 2024.
“The recent positivity among key global indices that are reacting to the prospects of peak interest rates could also help Bursa Malaysia stocks to make further near-term headway.
“However, the upsides may still be gradual as local institutions are unwinding some of their positions when they provided the support in the most recent market downtrend.
“The immediate target is set at the 1,460 level, followed by the recent highs at the 1,462-1,465 levels. The supports, meanwhile, are 1,453 and the psychological 1,450 level,” Inter-Pacific said.
US stocks moved mostly higher over the course of the trading session on Friday.
The Dow Jones Industrial Average jumped 0.8% to 36,245.50, the S&P 500 rose 0.6% to 4,594.63 and the Nasdaq climbed 0.6% to 14,305.03.
Apex Securities said the FBM KLCI is likely to trend upwards supported by the favorable momentum observed in the US market, coupled with year-end window dressing activities.
“Meanwhile, we suggest directing attention towards gold-related stocks, given that gold prices have hit seven-months high at US$2,072/oz,” Apex said.
