KUALA LUMPUR: The selling pressure continued on the domestic market following last week's dismal performance as negative sentiment stalked global equities.
At 9.05am, the FBM KLCI was down 14.88 points to 1,479.07. The market breadth was significantly negative with 440 decliners compared with just 50 gainers.
Trading volume was 192.77 million shares for a value of RM96.51mil.
According to Kenanga Research, the local bourse is facing a test of resilience after the 43.9-point or 2.9% slide in the previous week.
"Overseas developments matter more in the coming week. In particular, the US Federal Open Market Committee is scheduled to meet Tuesday and Wednesday with the meeting outcome to be known early Thursday Malaysian time.
"As it stands, consensus is anticipating that the US monetary policymakers would raise the federal funds rate by another 0.5% while investors also want to get further insights into the magnitude and timing of future interest rate hikes," it said in a report.
From a technical perspective, it added that the FBM KLCI could see an extended downward bias based on the prevailing bearish Parabolic SAR trend.
"Thereafter, should the benchmark index fail to find its way back to above 1,510 (which is currently our first support-turned-resistance level), persisting selling pressure may then push the FBMKLCI to test our immediatesupport threshold of 1,475.
"This is also around where the bellwether has found its recent bottom twice before bouncing off subsequently in early August 2021 and mid-December last year.
Meanwhile, local blue chips were a sea of red with 29 out of 30 stocks falling into the red. The sole gainer was Petronas Gas which added 10 sen to RM16.54.
Financial services led the losses. Maybank fell 12 sen to RM8.63, Public Bank dropped seven sen to RM4.46 and CIMB shed seven sen to RM4.97 while Hong Leong Bank slid 12 sen to RM20.68.
Press Metal was down eight sen to RM4.91, Petronas Chemicals lost 11 sen to RM9.52 and Kuala Lumpur Kepong slipped 46 sen to RM24.52.
Among top actives, Sapura Energy was unchanged at five sen, Mlabs was down 0.5 sen to 2.5 sen and G3 was flat at 4.5 sen.
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