Lack of trading interest snuffs out market rally
KUALA LUMPUR: A two-day rally on the domestic market fizzled out by Friday as the FBM KLCI opened on a flat note amid an absence of positive catalysts.
Still digesting the effects of a lacklustre corporate earnings season, the FBM KLCI started 1.21 points lower at 1,516.91 as investors awaited some fresh guidance on trading direction.
Overnight, Wall Street indices were dragged lower by a 14% slump in Tesla shares after an all-out social media brawl erupted between US President Donald Trump and Elon Musk.
The conflict between the two former allies overshadowed a tariffs discussion between Trump and Chinese leader Xi Jinping, which suggested progress towards a trade resolution between the two economic superpowers.
TA Securities, however, opines that Bursa Malaysia investors will be looking ahead to US employment data to guage the economic impact of Trump's tariff policies.
"Investors will likely avoid making significant plays ahead of the weekend, as they await the release of crucial employment data from the US to gauge the economic impact of President Donald Trump's tariff policies.
"Immediate index support stays at 1,490, while stronger supports can be found at 1,465 and 1,444. Immediate resistance is kept at 1,564 with next upside hurdles seen at the recent high of 1,586, followed by 1,610 ahead," said TA Securities.
On the FBM KLCI , CIMB dipped three sen to RM6.84, YTL Power lost five sen to RM3.46 and PETRONAS Chemicals shed five sen to RM3.31.
Top actives were Green Packet unchanged at 2.5 sen, Autocount Dotcom down 10 sen to RM1.08 and MYEG dipping 0.5 sne to 92.5 sen.
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