Investors remain cautious despite low valuations on the local bourse, says analyst.
SPI Asset Management managing director Stephen Innes noted that the local bourse bucked the mainly negative regional trend as surging global sovereign yields hurt risk sentiment.
The index, which opened 0.18 of a point lower at 1,418.58, moved between 1,417.94 and 1,424.11 during the session. Meanwhile, Public Investment Bank Bhd saw the FBM KLCI trading sideways between 1,430 and 1,400 points in the near-term with a slight bearish bias, amid “entirely suppressed upward momentum”.At the close, heavyweight counters Maybank added two sen to RM8.77, CIMB gained one sen to RM5.41 and Tenaga Nasional firmed up seven sen to RM9.97.Of the actives, KNM and Widad put on one sen to 15 sen and 52 sen, respectively, while Evergreen Max Cash went up four sen to 45.5 sen.
The industrial products and services index eased by 0.35 points to 170.08 and the energy index dropped 16.86 points to 871.72.
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