新2信用平台出租:Investors lock in profits amid search for fresh catalysts
KUALA LUMPUR: Bursa Malaysia retreated in early Monday trade, tracking the negative performance in US markets last Friday as investors once again fretted over the possibility of aggressive US interest rate hikes.
At 9.05am, the FBM KLCI was down 3.45 points to 1,500.99. The market breadth was negative with 250 decliners compared with 95 gainers.
Trading volume was 98.19 million shares valued at RM48.39mil.
According to Kenanga Research, investors could be tempted to lock in their profits following an extended rally on the Malaysian bourse.
"Given the dearth of macro developments, investors may be on the lookout for individual share price catalysts as the coming week will see loads of corporate earnings report cards due for release,: it said in its weekly technical outlook.
It added that the intermittent technical rebound may be not be sustained depite the previous week's moentary run-up in the FBM KLCI.,
"From a charting perspective, as both the RSI and stochastic indicators reverse from the overbought territory, the FBMKLCI remains vulnerable to profit-taking pressure.
"This could pave the way for the key market barometer to back off further from our immediate resistance barrier of 1,510 and drift towards our first support threshold of 1,475," it added.
Bank stocks were seen leading the decline on the blue-chip index with CIMB shedding six sen to RM5.36, Hong Leong Bank dropping 16 sen to RM20.70, Maybank losing two sen to RM8.90 and RHB falling four sen to RM5.84.
Tenaga Nasional dropped seven sen to RM8.63 while Petronas Gas fell 10 sen to RM17.10.
Meanwhile MISC rose seven sen to RM6.97 as the bright spot on the benchmark index.
Among actives, CSH was down 0.5 sen to four sen, SFP Tech slid three sen to RM1.13 and LGMS rose one sen to RM1.11.