KUALA LUMPUR: The FBM KLCI opened weaker on Thursday as investors engaged in profit-taking following recent gains.
The 30-stock index headed down 2.97 points, or 0.2% to 1,461.16 at 9.23am. The index opened 1.39 points lower at 1,463.17.
Across the broader market, losers outnumbered gainers slightly at 235 to 175, after 503.4 million securities worth RM177.8mil changed hands.
Among the gainers on Bursa Malaysia, Rapid jumped 42 sen to RM28.18, Allianz added 10 sen to RM19, Heineken rose eight sen to RM23.58 and Perak Transit climbed six sen to RM1.16.
MBM Resources tumbled 18 sen to RM4.30, Kuala Lumpur Kepong eased 16 sen to RM21.52, Teck Guan Perdana slid seven sen to RM1.61 and Pertama fell six sen to RM2.89.
Overnight, the Dow Jones Industrial Average fell 1.27% to 37,082.0, the Nasdaq lost 1.5% to 14,777.94 and the S&P 500 was down 1.47% at 4,698.35.
Inter-Pacific Research said the FBM KLCI is at the crossroads again and could succumb to further profit taking ahead of the long weekend.
“We noted that there needs to be firmer buying interest and market undertone to help lift the key index past the level convincingly. In the interim, there will be few notable leads as well and many market players will also be on their year-end break that could see thinner market participation in the days ahead.
“Still, we think the consolidation could be light and the key index may still trend within a tight range in the day ahead and likely to stay above the 1,460-support level for now.
“Below that, the other support is at 1,455 points, while the immediate hurdle is the 1,466 level, followed by the 1,471 level,” Inter-Pacific said.
Meanwhile, Apex Securities expects a consolidation to take shape to allow recent gains to be digested.
“Likewise, we expect the rally on the lower liners to come to a halt as stocks retraced from their overbought levels,” it said.
Elsewhere, Wall Street’s upward run appears to be near infection point with investors taking this opportunity to lock in recent gains ahead of the extended weekend festive break.
“Going forward, investors will be monitoring the final reading of US 3Q23 GDP data later tonight. With volatility stepping into the spotlight, we advocate investors and traders to turn defensive with focus towards utilities and REIT sectors,” Apex said.
