FBM KLCI continues to decline amid lack of catalysts

KUALA LUMPUR: The FBM KLCI was edged lower in early trading Monday, amid a lack of positive catalysts to drive a market.

At 9.13am, the market bellwether fell 0.15 of a point to 1,443.30. The index opened 0.66 of a point lower at 1,442.79.

Overnight, the U.S. stock market staged a mild rebound to snap a 4-day losing streak with investors keeping a close tab onto the budget resolution in Washington.

The Dow Jones Industrial Average rose 0.13% to 34,006.88. The S&P 500 rose 0.4% to 4,337.44. The Nasdaq Composite climbed 0.45% to 13,271.32.

Inter-Pacific Securities said the key index is attempting to find support at the 1,440 level as it looks to stem its recent pullback.

“The overnight gains in key global indices could provide some stability to the local equity market conditions and may prompt the FBM KLCI to mount a rebound as well as to undergo window dressing activities ahead of the end of 3Q2023,” it said.

However, with the market still dithering due to the lack of sustainable leads, any recovery could be modest for the time being with the key index just angling a return to the 1,450 level and continue with its base building.

“Under the prevailing environment, upsides could be gradual with the immediate target set at 1,445 points, before the psychological 1,450 level is retested.

“Apart from the 1,440 support, the others are at 1,438 and 1,433 points respectively,” Inter-Pacific said.

Among the losers, Panasonic Manufacturing fell 42 sen to RM18.96, Nestle slid 20 sen to RM128.60, Scientex declined six sen to RM3.72 and Tenaga Nasional lost six sen to RM10.08.

Hextar Technologies rose 48 sen to RM24.48, Carlsberg added 14 sen to RM20 and Dutch Lady gained eight sen to RM22.60.

Evergreen Max Cash Capital Bhd debuted on the ACE Market of Bursa Malaysia at 32 sen per share, up 33% against its initial public offering (IPO) price of 24 sen.