Investors adopt wait-and-see approach ahead of next week’s Budget 2024, says analyst.
KUALA LUMPUR: Bursa Malaysia ended trading in the red today, taking a cue from the unabated volatility on Wall Street overnight, with its key index down by 0.29%, said a dealer.
“For now, investors will continue to adopt the wait-and-see approach ahead of the Budget 2024 tabling next week,” he told Bernama. “As such, we anticipate the FTSE Bursa Malaysia KLCI to trend within the 1,410-1,425 range with immediate support at 1,415, and resistance at 1,430,” he noted.The index, which opened 2.10 points weaker at 1,417.91, moved between 1,412.70 and 1,419.66 during the session.
At the close, heavyweight counters Maybank shed 4 sen to RM8.73, Public Bank, Tenaga Nasional and CIMB eased 1 sen to RM4.05, RM9.96 and RM5.40, respectively, while Petronas Chemicals added 10 sen to RM7.10. The FBM 70 Index was reduced by 83.06 points to 13,996.69 and the FBM ACE Index was lower by 41.83 points to 5,120.42.
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