KUALA LUMPUR: Weaker sentiment on global stock markets and caution ahead of the release of the minutes of the US Federal Reserve's most recent monetary policy meeting are likely to keep the local FBM KLCI from rising further.
However, there have has been an inflow of foreign funds into the market over the past 13 consecutive sessions, which is likely to provide support to the local stock market, said Apex Securities Research.
"We opine investors to lookout for the energy sector closely, which recently reached a three-year high, supported by stellar financial results and strong capex and projects from upstream segment," said the research firm in its market review.
It added that there may be buying interest in consumer stocks following the positive financial results from Teo Seng and Dutch Lady
.
Meanwhile, Malacca Securities Research opined that buying momentum on Bursa Malaysia should persist amid the ongoing earnings season as it anticipates a better performance from the corporates in 4Q23.
"Into the corporate earnings season, we believe traders will be looking for trading opportunities within the fundamentally solid companies.
"We noticed consumer especially the poultry counter and O&G companies released solid results, thus trading interest will be revolving around these sectors for today.
"Meanwhile, we like the Technology sector on the back of the NIISe 2.0 project, coupled with the plantation sector on the back of firmer FCPO prices," it said in a note.
At the open, the benchmark FBM KLCI was down 0.51 points to 1,554.1 as investors awaited the release of corporate results slated for later today.
CelcomDigi dropped four sen to RM4.33, CIMB shed five sen to RM 6.40 and MR DIY lost three sen to RM1.53.
YTL Power slid three sen to RM3.89, PETRONAS Chemicals shaved six sen to RM7.03 and IOI lost two sen to RM4.01.
Among actives, Hong Seng was flat at two sen, MMAG rose 0.5 sen to 11.5 sen and SC Builder gained 0.5 sen to 1.5 sen.
