Apex Securities Bhd head of research Kenneth Leong said the weakness was also due to recent economic data that potentially reinforces the US Federal Reserve’s hawkish tone to keep interest rates higher for longer.
Looking ahead, he expects downward pressure to be sustained on the back of the absence of fresh catalyst on the domestic front.
“For now, investors will continue to adopt the wait-and-see approach ahead of the Budget 2024 tabling next week,” he told Bernama.
Meanwhile, Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng anticipates that near-term market sentiment may stay turbulent, given the uncertainties surrounding regional and global performance.
“Nonetheless, pressure on local and regional stocks is expected to persist as interest rates and bond yields climb.
“As such, we anticipate the FTSE Bursa Malaysia KLCI (FBM KLCI) to trend within the 1,410-1,425 range with immediate support at 1,415, and resistance at 1,430,” he noted.
At 5pm, the FBM KLCI trimmed 4.17 points to 1,415.84 from yesterday’s closing of 1,420.01.
The index, which opened 2.10 points weaker at 1,417.91, moved between 1,412.70 and 1,419.66 during the session.
On the broader market, decliners trounced gainers 730 to 255, while 395 counters were unchanged, 914 untraded and 24 others suspended.
Turnover decreased to 3.02 billion units worth RM2.23 billion from 3.22 billion units worth RM2.2 billion yesterday.
At the close, heavyweight counters Maybank shed four sen to RM8.73, Public Bank, Tenaga Nasional and CIMB eased one sen to RM4.05, RM9.96 and RM5.40, respectively, while Petronas Chemicals added 10 sen to RM7.10.
Of the actives, KNM and UEM Sunrise rose 1.5 sen to 16.5 sen and 82 sen, respectively, Sealink International gained 3.5 sen to 22.5 sen, while Evergreen Max Cash and Ekovest inched up by 0.5 sen to 46 sen and 53.5 sen, respectively.
On the index board, the FBM Emas Index decreased by 41.53 points to 10,493.84, the FBMT 100 Index was 37.2 points weaker at 10,164.76 and the FBM Emas Shariah Index added 41.42 points to 10,782.08.
The FBM 70 Index was down by 83.06 points to 13,996.69 and the FBM ACE Index was lower by 41.83 points to 5,120.42.
Sector-wise, the plantation index dragged down by 34.09 points to 6,825.83, the financial services index narrowed by 73.09 points to 15,832.13 and the energy index inched down 13.67 points to 858.05.
However, the industrial products and services index improved by 0.03 of-a-point to 170.11.
The Main Market volume decreased to 1.92 billion units worth RM1.96 billion from 2.01 billion units worth RM1.90 billion yesterday.
Warrants turnover dropped to 318.23 million units valued at RM41.74 million against 449.01 million units valued at RM50.37 million previously.
The ACE Market volume expanded to 785.42 million shares worth RM231.29 million from 762.92 million shares worth RM253.65 million previously.
Consumer products and services counters accounted for 240.19 million shares traded on the Main Market, industrial products and services (400.27 million); construction (139.20 million); technology (111.08 million); SPAC (nil); financial services (95.42 million); property (317.24 million); plantation (25.04 million); REITs (10.01 million), closed/fund (93,400); energy (299.61 million); healthcare (54.73 million); telecommunications and media (46.48 million); transportation and logistics (99.01 million) and utilities (83.18 million).