Bursa Malaysia opened marginally weaker, with the FBM KLCI hovering near the 1,746 level, tracking a mild pullback in index futures, while broader market sentiment remained cautious but stable.
As at 9.25am, the FBM KLCI slipped 0.25 points or 0.01% to 1,746.06 after opening at 1,749.10. The index moved within a narrow range of 1,743.99 to 1,750.63 in early trade, signalling a lack of strong directional momentum at the open.
The softer tone came as the FBM KLCI Futures (FKLI) eased overnight, with RHB Investment Bank Bhd describing the move as a minor pause in an ongoing upside trend rather than a reversal.
RHB said the FKLI had retreated to 1,750.50 points after briefly touching an intraday high of 1,757 points, forming a bearish candlestick structure that reflects short-term consolidation. However, the broader trend remains constructive as the index continues to trade above its rising 50-day and 200-day simple moving averages.
The research house maintained a long position bias, stating that the bullish setup remains intact as long as the index stays above the 1,690-point support level. It added that the current movement is viewed as a consolidation phase within an uptrend rather than a shift in trend direction.
On Bursa’s broader market boards, performance was mixed. The FBM Small Cap index gained 0.15% while the FBM KLCI-linked FBM100 and FBM70 edged lower in early trade. Sector performance was also mixed with construction slipping 0.56% while consumer products and services posted a slight gain.
Among active stocks, Natgate led turnover, rising 8.5 sen to 87.5 sen, followed by GIIB, Euro and SNS, all recording modest gains on heavy volumes.
Top losers included PetDag, Penta, SunCon, UWC and Gamuda, which traded lower in early action.
