KUALA LUMPUR: Consolidation pressures are keeping the FBM KLCI on a sideways trajectory, although the downside bias is intensifying amid fears of a September rout on the US stock market.<\/p>\n
The Wall Street indices opened the first day of September – historically a bad month for US stocks – trading on the backfoot following a US Court of Appeals ruling that Trump’s tariffs were illegal, sparking uncertainty over the country’s economic outlook.<\/p>\n
The FBM KLCI opened on Wednesday 1.47 points lower at 1,575.23 amid the heightened caution, although any walk back in the tariffs could alleviate the impact on exports.<\/p>\n
According to TA Securities, the Malaysian market is expected to extend its consolidation phase as investors adopt a wait-and-see approach ahead of Bank Negara’s overnight policy rate decision and crucial US employment data due later this week.<\/p>\n
“Immediate support stays at the 50%FR (1,527) with stronger supports seen at the 38.2%FR (1,490) and the 23.6%FR (1,444). Immediate resistance is maintained at 1,610, the 76.4%FR, with next upside hurdle at the December 2024 high of 1,644, followed by stronger resistance at 1,684,” it said in a market commentary.<\/p>\n
Malacca Securities said the local market could turn defensive following the negative overnight performance in the US.<\/p>\n
It said traders could focus on defensive sectors like banks, REITs and consumer, with some of the top picks including AmBank, IGB REIT and 99 Speed Mart.<\/p>\n
“Meanwhile, traders can monitor solar-related counters such as Perkat and Northern Solar, which are currently in an uptrend underpinned by government initiatives like NETR, NEM, and LSS projects.\u00a0<\/p>\n
“Lastly, investors may also consider the upcoming IPO, Express Powerr Solutions Bhd,” it said in a note.<\/p>\n
Among the actively traded stocks, TWL shed 0.5 sen to 2.5 sen, Magma rose 0.5 sen to 31.5 sen and Oppstar jumped eight sen to 56 sen.<\/p>\n
There was also buying interest in consumer shares, including Heineken adding 46 sen to RM21.08, F&N rising 38 sen to RM27.50 and Carlsberg gaining 16 sen to RM16.46.<\/p>\n","protected":false},"excerpt":{"rendered":"KUALA LUMPUR: Consolidation pressures are keeping the FBM KLCI on a sideways trajectory, although the downside bias is…\n","protected":false},"author":2,"featured_media":114943,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[64,63,11819,99,11821,11820,171,5473,1610],"class_list":["post-114942","post","type-post","status-publish","format-standard","has-post-thumbnail","category-markets","tag-au","tag-australia","tag-bursa-malaysia","tag-business","tag-equities","tag-klci","tag-markets","tag-stock","tag-trading"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/114942","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=114942"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/114942\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/114943"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=114942"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=114942"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=114942"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}