KUALA LUMPUR: The strong performance in Asian markets could help to keep domestic share prices on firm ground even as investors turn more cautious ahead of the US Federal Reserve's upcoming policy meeting.
"Despite the softer trading tone in the US, we expect the momentum to sustain on the local front, in view of the positive rebound in the regional markets lately," said Malacca Securities Research in a report.
The research firm added that the positive commodities trend in crude oil and palm oil could turn traders to the oil and gas and plantations sectors for the coming week.
"Also, resurfacing of the KL-SG HSR, albeit without any conclusion, could see higher trading activities within the construction, property, utilities and building materials sectors.
"Besides, we like selected Technology stock as they have been gradually recovering in the recent quarterly results," it added.
At 9am, the FBM KLCI was down 5.38 points to 1,547.45 as investors retraced some of last Friday's gains in a bout of profit-taking.
Leading the losses, shares in Telekom plunged 51 sen to RM5.99, erasing the gains recorded in the previous session.
Meanwhile, CelcomDigi dropped seven sen to RM4.34 and PETRONAS Gas slid 10 sen to RM17.70.
Hong Leong Bank shed 12 sen to RM19.24 and Hong Leong Finance Group fell 24 sen to RM16.22.
Of actives, Hong Seng was flat at 1.5 sen, Sapura Energy
was unchanged at 4.5 sen and PDZ was also the same at four sen.
