KUALA LUMPUR: The FBM KLCI started the day with positive momentum, but by midday, the market fell and wiped out its earlier gains.
At 12.30 pm, the market was down 2.37 points, or 0.15% to 1,629.86 after trading within a 6.29-point range.
Dealers said overall market sentiment remained cautious ahead of the weekend.
In the broader market, decliners outnumbered gainers 556 to 337 while 450 counters were unchanged. The trading volume was 1.4 billion shares changing hands for RM905.3bil.
Among the losers, Nestle tumbled RM1.40 to RM101.10, BLD Plantation
slid 76 sen to RM10.74, LPI Capital lost 22 sen to RM13.34 and Bursa Malaysia declined 17 sen to RM9.03.
Among the gainers, ViTrox added 14 sen to RM3.59, Pentamaster rose 12 sen to RM3.88, Nationgate gained 10 sen to RM2.03 and United Plantations climbed 10 sen to RM26.50.
TA Securities noted that the local stock market may remain under pressure ahead of the weekend due to weaker regional sentiment. This comes as the stronger US dollar fuels speculation about the likely return of Donald Trump to the White House.
“Immediate index support will be the recent correction low of 1,625, with 1,620 and then 1,600 acting as stronger supports.
“Immediate resistance remains at 1,660, followed by the recent highs of 1,675 and 1,684, and then 1,695, Dec 2020 high, as tougher resistance levels,” it added.
Meanwhile, Malacca Securities believed that, given the weaker ringgit at RM4.345/USD, traders shifted towards export-oriented stocks such as gloves and technology, with certain glove stocks poised for a breakout.
“Also, following news of Gamuda securing contracts in Taiwan few days back and reassessing opportunities within Budget 2025, we see potential
upside in the construction, property, and renewable energy sectors.
“We also favour the plantation sector as CPO prices have closed above two-year highs,” it added.
