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Bursa Malaysia Dips as Profit-Taking Halts Morning Gains
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Bursa Malaysia’s $FTSE Bursa Malaysia KLCI Index (.KLSE.MY)$ ended the morning session slightly lower, down 0.68 points at 1,613.41, after opening higher at 1,616.14. The benchmark index moved within a narrow band of 1,610.77 to 1,617.78, reflecting subdued sentiment. Market breadth turned negative, with 486 decliners outweighing 453 gainers, while 507 counters remained unchanged.
Sectoral Performance and Key Stocks
Profit-taking in $Bursa Industrial Products & Services (0002I.MY)$, services, and $Bursa Consumer Products & Services (0001I.MY)$ sectors weighed on the market, alongside mixed performances across regional peers. Notable losers included $GENTING (3182.MY)$, down 5 sen to RM3.57, and $NESTLE (4707.MY)$, which fell 68 sen to RM97.50. $SUPERMX (7106.MY)$ rose 10 sen to 98.5 sen, while $JCY (5161.MY)$ gained 3 sen to close at 51.5 sen. Newly listed $CROPMATE BERHAD (03331.MY)$ led actives, closing 1 sen higher at 21 sen with 184.51 million shares traded.
Regional and Global Influence
Asian markets were buoyed by the strong overnight performance in U.S. equities, fueled by expectations of an additional Federal Reserve rate cut this year. Japan’s $Nikkei 225 (.N225.JP)$ rose 0.25%, China’s $SSE Composite Index (000001.SH)$ gained 0.16%, and Singapore’s $FTSE Singapore Straits Time Index (.STI.SG)$ climbed 1.1%. However, Hong Kong’s $Hang Seng Index (800000.HK)$ fell by 1%, reflecting regional variances in sentiment.
Profit-taking in $Bursa Industrial Products & Services (0002I.MY)$, services, and $Bursa Consumer Products & Services (0001I.MY)$ sectors weighed on the market, alongside mixed performances across regional peers. Notable losers included $GENTING (3182.MY)$, down 5 sen to RM3.57, and $NESTLE (4707.MY)$, which fell 68 sen to RM97.50. $SUPERMX (7106.MY)$ rose 10 sen to 98.5 sen, while $JCY (5161.MY)$ gained 3 sen to close at 51.5 sen. Newly listed $CROPMATE BERHAD (03331.MY)$ led actives, closing 1 sen higher at 21 sen with 184.51 million shares traded.
Regional and Global Influence
Asian markets were buoyed by the strong overnight performance in U.S. equities, fueled by expectations of an additional Federal Reserve rate cut this year. Japan’s $Nikkei 225 (.N225.JP)$ rose 0.25%, China’s $SSE Composite Index (000001.SH)$ gained 0.16%, and Singapore’s $FTSE Singapore Straits Time Index (.STI.SG)$ climbed 1.1%. However, Hong Kong’s $Hang Seng Index (800000.HK)$ fell by 1%, reflecting regional variances in sentiment.
Market Outlook and Technical Levels
Analysts expect $FTSE Bursa Malaysia KLCI Index (.KLSE.MY)$ to revisit levels between 1,625 and 1,648, supported by traditional year-end window-dressing activities, which historically yield positive returns in December. Immediate resistance is seen at 1,650-1,660, while geopolitical tensions, foreign investor outflows, and Federal Reserve policy uncertainty remain key headwinds.
Analysts expect $FTSE Bursa Malaysia KLCI Index (.KLSE.MY)$ to revisit levels between 1,625 and 1,648, supported by traditional year-end window-dressing activities, which historically yield positive returns in December. Immediate resistance is seen at 1,650-1,660, while geopolitical tensions, foreign investor outflows, and Federal Reserve policy uncertainty remain key headwinds.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
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