KUALA LUMPUR: The profit-taking activities on the domestic market continued on Tuesday morning amid a negative performance on Wall Street overnight and ahead of the US corporate earnings season that begins this week.
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At 9.05am, the FBM KLCI was down 0.25 points to 1,608.17, with suggested that investors were waiting for further direction before resuming a rally.
“Amid the lack of a fresh catalyst, the local bourse may stage a furtehr pullback but the weakness may be cushioned by a technical rebound.
“The unstable number of Covid-19 daily confirmed cases has resulted in the extension of CMCO and RMCO in several state, which may also impact the smoother economic recovery,” said Malacca Securities Research.
The first-quarter earnings results are expected to trickle in on Wall Street this week amid expectations for broadly positive news and an uptrend for US equities due to the recovering economy.
The major US indices showed relative inactivity, with the S&P500 ending less than one point lower and the Dow Jones and Nasdaq slipping 0.2% and 0.4% respectively.
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Back home, telco stocks Axiata and Digi had found some stability after the volatile price action of the past two sessions.
Axiata was up two sen to RM3.95 and Digi dropped two sen to RM4.29.
Blue chips seeing some trading interest included Hong Leong Bank down 14 sen to RM18.20, Petronas Chemicals sliding nine sne to RM7.89 and Press Metal falling 10 sen to RM10.08.
Maybank was up two sen to RM8.34 while Public Bank addd one sen to RM4.22.
Meanwhile, top actives on Bursa Malaysia were Luster down 1.5 sen to 23 sen, Bintain Kinden up 2.5 sen to 48.5 sen and Metronic unchanged at six sen.-The Star