Malacca Securities Sdn Bhd expects the consolidation to continue in the near term as Australia and Malaysia are scheduled to announce their interest rate decision this week.

It said traders would also closely watch China’s services purchasing managers’ index and export data as well as Australia’s gross domestic product which will be released tomorrow.

Should there be any further slowdown of China’s economic activities, the risk appetite in stock markets will be further dampened.

“Nevertheless, domestic catalysts such as the National Energy Transition Roadmap and the New Industrial Master Plan 2030 may support the local stock market, at least for the near term,” it said in a research note.

At 9.32am, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined 4.47 points to 1,458.25 from 1,462.72 at Monday’s close.

The key index opened 0.14 of-a-point easier at 1,462.58.

The broader market was negative with decliners leading advancers 287 to 193, while 344 counters were unchanged, 1,475 untraded and seven others suspended.

Turnover amounted to 843.32 million units worth RM245.72 million.

Among the heavyweights, Maybank added one sen to RM9.16 while Public Bank, CIMB, Tenaga Nasional, and Petronas Chemicals dropped two sen each to RM4.26, RM5.69, RM9.88 and RM7.10, respectively.

Of the actives, Classita improved two sen to 9.5 sen, ATA IMS went up 3.5 sen to 34 sen while Hong Seng Consolidated and Lion Industries were flat at five sen and 40 sen, respectively.

On the index board, the FBM Emas Index went down 27.4 points to 10,775.47, the FBMT 100 Index slipped 28.76 points to 10,440.02 and the FBM Emas Shariah Index edged down 30.50 points to 10,947.6.

The FBM 70 Index fell 25.64 points to 14,248.61, and the FBM ACE Index gave up 4.38 points to 5,237.8.

Sector-wise, the energy index expanded 1.02 points to 862.05, the industrial products and services index eased 0.54 of-a-point to 173.23 and the plantation index shed 10.64 points to 6,935.98.

The financial services index trimmed 35.7 points to 16,452.58.