KUALA LUMPUR: The FBM KLCI backed down slightly at the start of Wednesday trading, but remained supported by the 1,600-point psychological level.
At the start of the opening bell, the benchmark index slipped 1.79 points to 1,601.34, as investors awaited the release of more corporate results.
Among top gainers on the market, Genting Plantations jumped 17 sen to RM5.68, GCB rose 16 sen to RM4.81 and MBM Resources climbed 13 sen to RM6.57.
Top actives were Genetec up eight sen to 95.5 sen, MBSB adding three sen to 75.5 sen and JCY climbing three sen to 38.5 sen.
Overnight, Wall Street ended higher after Trump made protectionist remarks about imposing extra tariffs on Chinese imports as well as all products from Mexico and Canada.
Malacca Securities Research said given escalating trade tensions between the US and China, coupled with a stronger US dollar, it opines that export-oriented sectors like Gloves and Technology may benefit.
"Meanwhile, the rebound in CPO price could lift the sentiment within the plantation sector.
"As the festive seasons approaches, coupled with the stronger earnings from MAHB due to higher passenger volumes, we like stocks within the aviation, hospitality and consumer sectors," it said in a note.
The research firm added that investors will be focused on several key economic events this week, including the FOMC Meeting Minutes, US core PCE data, US Q3 GDP and China’s manufacturing PMI.
