The FBM KLCI was little changed in early trade on Thursday as investors stayed on the sidelines ahead of Budget 2027, while rising US Treasury yields continued to weigh on market sentiment, The Star reported.
At 9.02am, the benchmark index was unchanged at 1,611.78 points. CIMB fell eight sen to RM7.27, Gamuda slipped four sen to RM5.04 and Hong Leong Bank declined four sen to RM21.46.
Apex Securities said equities remained vulnerable to further pressure from the bond market after Federal Reserve minutes pointed to another interest rate hike by year-end.
Nevertheless, it noted that inflation expectations remained well anchored and a strong earnings season could still support the market.
For the FBM KLCI, Apex said attention would turn to Budget 2027 on Friday, which could provide fresh domestic catalysts, although elevated crude oil prices, geopolitical tensions in West Asia and high global bond yields were likely to keep investors defensive.
“We stay cautious to conservative on the local bourse, as the break below key support and persistent external headwinds are likely to cap any rebound until there is greater clarity from the Budget and from bond yield and oil price developments,” it said in a note.
Among actively traded stocks, Zetrix AI slipped 0.5 sen to 7.5 sen, Top Glove rose four sen to 89.5 sen and Ni Hsin gained 0.5 sen to 40 sen.
