KUALA LUMPUR: The FBM KLCI extended yesterday’s decline in early trade, once again putting the index solidly within a sideways trading channel.
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On Wall Street, the Dow Jones was little moved overnight as investors stayed on the sidelines ahead of the conclusion of the US Fed meeting that will determine future monetary policy.
However, the Nasdaq was weighed down by Tesla after the stock dropped over 4% as investors remained concerned over its high valuations.
At 9.05am, Malaysia’s key index was down 2.92 points to 1,603.76.
Glove counters, which led the retreat in yesterday’s trading, continued to slip. Top Glove was down 10 sen to RM5.68, Hartalega dropped 10 sen to RM10.60 and Supermax fell 10 sen to RM6.
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Hong Leong Bank meanwhile fell 14 sen to RM17.86 while IHH dropped three sen to RM5.32 and Petronas Chemicals shed three sen to RM7.82.
On the broader market, top actives were VC unchanged at 15 sen, Minda flat at 17.5 sen and Sapura Energy up one sen to 14 sen.
“We expect investors to remain on tenterhooks and focus on sectors with high earnings certainties with the interstate travel ban ramining in force while the stricter Covid-19 curbs were implemented in more parts of the country,” said Malacca Securities Research.
The research house pegged resistance along 1,615-1,635 while support was set at 1,600 followed by 1,565.-The Star