Bursa Malaysia snaps two-day winning streak
KUALA LUMPUR: Bursa Malaysia ended trading at an intraday low yesterday, snapping a two-day winning streak as investors hesitated to make significant moves ahead of the upcoming US economic report.

At 5pm, the FBM KLCI fell 2.65 points or 0.17% to 1,603.23 compared to the previous day’s close of 1,605.88.

The barometer index opened 0.13 of-a-point easier at 1,605.75 and reached an intraday high of 1,607.64 during the late morning session. On the broader market, decliners led advancers 579 to 574, with 475 counters unchanged, 740 untraded, and 23 others suspended.

Turnover increased to 6.20 billion units worth RM4.69bil from 4.69 billion units worth RM3.19bil on Tuesday.

UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan said the US consumer price index data is pivotal for the Federal Reserve’s (Fed) future interest rate decisions.

“Doubts arose due to Tuesday’s stronger-than-anticipated US producer price index data, casting uncertainty on the Fed’s potential rate cut timeline,” he told Bernama.

Mohd Sedek said, from a technical perspective, the benchmark FBM KLCI demonstrated resilience by remaining above the 1,600 mark, underpinned by a consistent accumulation of blue-chip stocks.

Hence, he anticipates the index to fluctuate between 1,600 and 1,614 this week, with support levels remaining stable at 1,575 and 1,560, and resistance at 1,614 and 1,635.

Among heavyweights, Malayan Banking Bhd was flat at RM9.88, Public Bank Bhd slid two sen to RM4.15, CIMB Group Holdings Bhd dipped one sen to RM6.78, Tenaga Nasional Bhd lost four sen to RM12.40, and Petronas Chemicals Group Bhd slipped 16 sen to RM6.81.
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Bursa Malaysia ended trading at an intraday low yesterday, snapping a two-day winning streak as investors hesitated to make significant moves ahead of the upcoming US economic report.