Tynkr Lab wrote a post · Dec 9, 2024 14:08

Bursa Malaysia Dips at Midday Amid Regional Market Weakness

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FBM KLCI falls 4.46 points at midday as regional markets weaken

Bursa Malaysia’s $FTSE Bursa Malaysia KLCI Index (.KLSE.MY)$ fell 4.46 points, or 0.28%, to 1,608.79 at the midday break, continuing its downward trajectory amid cautious sentiment in regional markets. The broader market was also in the red, with decliners outnumbering gainers 608 to 302, while 474 counters remained unchanged.

Sectoral Trends and Key Stock Movements

Heavyweights like $KLK (2445.MY)$ (-38 sen to RM21.42) and $PPB (4065.MY)$ (-16 sen to RM12.74) led the losses, alongside $YTLPOWR (6742.MY)$ (-11 sen to RM3.62). Data center-related and $Bursa Utilities (0065I.MY)$ stocks such as $YTL (4677.MY)$ and $YTLPOWR (6742.MY)$ saw corrections after recent gains. On the brighter side, active counters included $MYEG (0138.MY)$, which gained 2.5 sen to 94.5 sen.

South Korea’s Kospi leads regional declines, while Japan’s Nikkei edges higher

Regional Market Influence

South Korea’s $Korea Composite Index (.KOSPI.KR)$ led regional declines, dropping 2.24%, driven by political instability and dampened sentiment. China’s $SSE Composite Index (000001.SH)$ shed 0.4%, and Hong Kong’s $Hang Seng Index (800000.HK)$ slipped 0.57%. However, Japan’s $Nikkei 225 (.N225.JP)$ managed a modest gain of 0.16%, supported by local corporate earnings optimism.

Market Outlook and Opportunities

As year-end approaches, market activity may be influenced by window-dressing among $Bursa Finance Services (0010I.MY)$ and $Bursa Plantation (0025I.MY)$ heavyweights. Sectors like $Bursa Technology (0005I.MY)$, $Bursa Utilities (0065I.MY)$, and building materials present opportunities, particularly for data center construction-related companies in cybersecurity, electronics manufacturing, and outsourced semiconductor assembly.

FBM KLCI consolidates at 1,608, with resistance at 1,615-1,625

Investor Sentiment and Technical Levels

$FTSE Bursa Malaysia KLCI Index (.KLSE.MY)$ remains within a consolidation phase, with immediate resistance seen at 1,615-1,625. While cautious trading persists, improved sentiment in sectors like $Bursa Technology (0005I.MY)$ and data center industries may bolster market recovery heading into the year-end period.

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