The FBM KLCI opened slightly lower on Wednesday as investors remained cautious ahead of the tabling of Budget 2027, with the market continuing to search for fresh catalysts.
At 9.05am, the benchmark index fell 3.22 points to 1,630.13, remaining rangebound amid continued uncertainty.
Apex Securities said easing crude oil prices and expectations surrounding Budget 2027 could provide some support to the local market, although a stronger recovery would likely require fresh foreign fund inflows and clearer direction on bond yields and geopolitical developments.
“We stay cautious on the local bourse this week, as easing crude oil prices and Budget 2027 expectations may offer some support, but a stronger recovery will likely require fresh catalysts such as foreign fund inflows and clearer direction on bond yields and geopolitical developments,” it said in a note.
The research firm also remained cautious on near-term global risk appetite, noting that the current rally was narrowly led by technology stocks while bond yields remained near multi-decade highs.
It said equities could remain vulnerable if the US Federal Reserve adopts a more hawkish tone.
Banking counters were among the early decliners, with CIMB falling seven sen to RM7.63 and Hong Leong Bank losing eight sen to RM22.
Press Metal shed six sen to RM7.13.
Among actively traded stocks, Metronic was unchanged at 0.5 sen and Zetrix AI remained at nine sen, while Top Glove jumped five sen to 92.5 sen.
Glove makers also gained amid renewed optimism in the sector, with Supermax rising two sen to 48 sen, Hartalega adding five sen to RM1.17 and Kossan gaining two sen to RM1.27.
