Bursa Malaysia opened lower on Tuesday, tracking overnight losses on Wall Street as investors remained cautious over geopolitical uncertainties and awaited key US economic data, The Star reported.
The FBM KLCI fell 5.91 points or 0.35% to 1,664.11 at the open before slipping further to 1,662.10, down 7.92 points or 0.47%, at 9.25am.
Overnight, the S&P 500 fell 0.8% to 7,683.69, while the Nasdaq Composite declined 0.9% to 26,820.38. The Dow Jones Industrial Average dropped 0.7%.
Among the leading decliners, Allianz Malaysia fell 28 sen to RM20.82, Kuala Lumpur Kepong lost 18 sen to RM22.42 and Hong Leong Financial Group declined 12 sen to RM18.78.
APM Automotive eased 10 sen to RM2.70, while Press Metal fell seven sen to RM7.45.
However, Malaysian Pacific Industries gained 38 sen to RM42.58. Fraser & Neave rose 16 sen to RM22.38, while KKB and Solarvest added 15 sen and 14 sen to RM1.29 and RM4.30 respectively. ViTrox gained 12 sen to RM9.98.
Berjaya Research said the near-term outlook for the FBM KLCI remained tilted to the downside, with investors likely to stay cautious amid geopolitical uncertainties and a lack of fresh domestic catalysts.
“The near-term outlook for the FBM KLCI remains tilted to the downside, with investors likely to stay cautious amid lingering geopolitical uncertainties and a lack of fresh domestic catalysts,” it said.
The research house said investors would also be watching US job openings and consumer confidence data due later on Tuesday for clues on the Federal Reserve’s policy path and global risk appetite.
“Softer-than-expected readings could offer some relief to equities, while signs of resilient labour demand or weakening consumer sentiment may add to market volatility,” Berjaya Research said.
It placed immediate resistance for the local market at 1,678 to 1,690 points, with support at 1,660 followed by 1,655.
Rakuten Trade meanwhile said the recent market decline could encourage selective bargain hunting in banking, energy and oversold blue-chip stocks.
