KUALA LUMPUR: The domestic market is taking on a sideways movement due to the lack of fresh catalysts after the recent interest rate cut by the Federal Reserve.
The benchmark FBM KLCI fell 3.19 points at Thursday's open to 1,670.19, erasing the gains made in the previous session.
According to Malacca Securities Research, investors are focused on upcoming economic data, including the US non-farm payroll due next week, which would shed more light on the state of the US economy.
The research firm said the stronger ringgit could put Malaysia's position as an export-driven nation under pressure.
"With the ringgit at RM4.12/USD, traders may reduce positions in export-related companies like Gloves and Technology in the short term," it said.
On the other hand, it expected consumer stocks to benefit from a stronger ringgit.
The lead-up to the Budget in October could also see investors positioning themselves in sectors such as construction, building materials, property and utilities.
"Any mega project announcements, such as the KL-SG HSR and data center investments, could also boost these sectors," said Malacca Securities.
Meanwhile, blue chips on Bursa Malaysia continued to slide. Maybank dropped six sen to RM10.64, Tenaga Nasional fell eight sen to RM15.10, SD Guthrie shed four sen to RM4.84 and IOI dipped four sen to RM3.81.
Top actives, were Sarawak Cable rising three sen to 13.5 sen, Luster unchanged at 6.5 sen and Mui Properties up 1.5 sen to 45.5 sen.
