FBM KLCI Falls as Market Sentiment Remains Cautious

thecekodok


The FBM KLCI turned negative at midday, reversing early gains as market sentiment remained cautious, in line with regional markets.


At the midday break, the FBM KLCI fell 3.82 points (0.24%) to 1,604.93 after hitting this morning's high of 1,609.43.


The broader market sentiment was negative with 624 decliners outpacing 335 gainers. Volume stood at 1.91 billion shares worth RM1.15 million.


Rakuten Trade believes the local bourse is still bearish but remains hopeful that the index will test 1,630 before 2024 ends.


They expect the index to hover in a range of 1,605 to 1,615 throughout the day.


Meanwhile, Malacca Securities said there was mixed sentiment in the US, with Bursa Malaysia expected to trade on a firmer note.


Traders are likely to focus on stocks linked to the data centre supply chain, technology sector and banking which are poised to benefit from a stronger US dollar environment.


Among the gainers on Bursa Malaysia, SAM Engineering rose 18 sen to RM4.33, Kuala Lumpur Kepong added 16 sen to RM21.56, United Plantations rose 14 sen to RM31.50 and LPI Capital rose 14 sen to RM31.50.


Nestle fell RM1.30 to RM98.70, PPB Group fell 34 sen to RM12.24, Gamuda fell 22 sen to RM9.55 and MBM Resources fell 13 sen to RM6.32.

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