Bursa Malaysia to stay little changed as midweek festivities approach

KUALA LUMPUR: The domestic market is in for a quiet session as Corporate Malaysia winds down on the eve of the Hari Raya Aidilfitri holidays, while a flattish performance on Wall Street overnight left few leads for investors.

The FBM KLCI opened a marginal 0.07 points lower at 1,559.91 as the market got off to a sleepy start.

Some early gainers included MAHB rising 17 sen to RM10.12, Aeon Credit climbing 11 sen to RM5.72 and Dutch Lady adding 10 sen to Rm24.60.

Of actives, AZRB was up 0.5 sen to 26.5 sen, EVD gained one sen to 15.5 sen and Eversendai added 0.5 sen to 32.5 sen.

In its market review, Apex Securities Research said investors are keeping an eye trained on US economic data, and quick to lock in any gains on signs of foreign fund outflows over the interim.

“Key economic focus will be directed towards US inflation rate, FOMC minutes, US PPI data and ECB interest rate decision to be release in coming days,” it said.

Meanwhile, the research firm said the introduction of a new tiered pricing mechanism with lower rates for the Green Electricity Tariff (GET) programme is set to impact the power-related sector.

It added that plantation-related stocks were overbought, according to technical indices, and could face a short-term setback. However, at the time of writing, the plantations sector was on a fourth-day rally, rising a mild 0.03% to 7,483.14.

Overnight, Wall Street markets ended little changed amid a rise in Treasury yields, which capped the upsides in equities.

The Dow Jones slipped 0.03% to 38,892, while the S&P500 inches 0.04% lower to 5,202 and the Nasdaq was a marginal 0.03% higher at 16.253.

Observers are keenly awaiting the US March consumer and producer price indices, scheduled to be released later this week, for more insight on the Federal Reserve’s progress in lowering inflation.