KUALA LUMPUR: The FBM KLCI continued to struggle at the 1,500-point level after closing above the resistance in the previous session.
At midday, the benchmark FBM KLCI fell 7.84 points, or 0.52% to 1,499.87, with 21 of the component stocks ending lower.
There were 382 losers compared to 264 decliners, suggesting a negative overall market performance.
The geopolitical risks continued to weigh on market sentiment on reports that Chinese Air Force planes entered Taiwan's air defence zone and crossed the Taiwan Strait median line.
Mercury Securities expects a pullback in Malaysian equities on profit-taking following yesterday’s strong gains.,
TA Securities said stocks should fall back into profit-taking consolidation mode ahead of the weekend given the weak follow-through investor participation, and as elevated US-China geopolitical tensions continue to dampen risk sentiment.
“Immediate index resistance is at 1,520, with 1,540, 1,560 and 1,580 as subsequent stronger resistance levels capping upside.
“Immediate support remains at 1,480, with 1,450, 1,430 and the recent pivot low of 1,408 acting as stronger chart supports,” the research house said.
Among the losers on Bursa Malaysia, PETRONAS Dagangan shed 32 sen to RM22.58, Batu Kawan lost 30 sen to RM23.10, Panasonic Manufacturing eased 22 sen to RM26.04 and KESM fell 19 sen to RM7.40.
Malaysian Pacific Industries rose 50 sen to RM32.98, Harison added 36 sen to RM5.75, Kauala Lumpur Kepong gained 22 sen to RM22.42 and Genting Plantations advanced 14 sen to RM6.71.
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