FBM KLCI extends losses at open after weak US results

KUALA LUMPUR: The FBM KLCI remained jittery on Thursday as mixed bag of earnings from US bellwethers cast doubts over the ongoing earnings period.
The biggest disappointments of the evening were Netflix and Texas Instruments, which missed profit expectations and further exacerbated worries over the stretched valuations of US stocks.
Malaysia's benchmark index fell 1.43 points to 1,601.26 at the opening bell, as investors retreated to support levels ahead of the start of Corporate Malaysia's peak results period next month.
TA Securities said range-bound trading with a downward bias is expected to continue until stronger domestic catalysts emerge to lift the market from its current profit-taking consolidation phase.
"Immediate support will be at the 61.8%FR (1,564), with stronger supports seen at the 50%FR (1,527) followed by the 38.2%FR (1,490). Immediate resistance is kept at the December 2024 high of 1,644, with the highs of 1,684, and 1,695 as tougher upside hurdles," it said in a its technical outlook.
Rakuten Trade said it suspects foreign funds remain persistent sellers of the domestic market.
"Nonetheless, we believe bargain hunting activities should emerge thus expect the index to recover at between the 1,600-1,610 range today," it said in a note.
Meanwhile, THMY surged as it made its debut on the ACE Market, more than doubling its IPO price of 31 sen a share to 78.5 sen.
As at 9.21am, the stock recorded volume of 98.42 million shares.
Other actives shares included NationGate climbing seven sen to RM1.24 and Innature gaining one sen to 21.5 sen.
Among the blue chips, IHH rose six sen to RM8.38, CIMB added three sen to RM7.23 and Press Metal gained three sen to RM6.16.

Sumber : thestar.com.my