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KUALA LUMPUR: Bursa Malaysia edged lower by midday, with most Asian markets drifting down ahead of the policy decision from the Federal Reserve.
At 12.30pm, the FBM KLCI fell 3.41 points, or 0.24% to 1,438.73.
Around 1.5 billion shares worth RM757.3mil were traded. Market breadth was negative as 483 stocks declined and 237 advanced, while 397 traded unchanged.
Among the decliners, Nestle tumbled RM2.20 to RM121.60, Rapid fell 44 sen to RM26.36, Panasonic Manufacturing lost 28 sen to RM17.62 and F&N declined 20 sen to RM25.90.
Riverview Rubber Estates was the top gainer, rising 24 sen to RM3.35, followed by United ULI, which climbed 11 sen to RM1.85 and Kuala Lumpur Kepong, which rose eight sen to RM22.06.
TA Securities said stocks should extend sideways trade pending policy updates from key global central bankers and Bank Negara’s monetary policy meeting.
“Immediate overhead resistance for the index remains at 1,450, with 1,465/1,470 and the 1,490/1,500 area acting as tougher upside hurdles.
“Immediate support stays at 1,400, followed by 1,390, with the end-June low of 1,370 acting as crucial support,” it added.
Malacca Securities believes buying interest may spillover to the local front given the more positive setup within the overall global markets.
It said US ISM Manufacturing PMI and jobs data are among the key data to watch out for.
Also, if there is a switch of tone from the Fed in the FOMC meeting, it may provide additional volatility to the markets.
On the commodity markets, Brent oil prices fell more than 1% as data showed rising OPEC and the US output.
“With the better sentiment abroad, the buying interest may emerge within the Technology sector.
“Also, as we are heading into the corporate earnings season, we like the utilities, renewable energy segment as well as the construction and property sectors as this quarter may be positive due to normalising building material costs as well as capturing higher sales in the post-Covid environment,” it said.
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