FBM KLCI slips at open, tracks Wall Street's mixed lead
At 9.32am, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell by 0.55 per cent, slipping 8.59 points to 1,541.62 from its previous close of 1,550.21.
The overall market sentiment was weak, with 270 decliners outpacing 261 gainers, while 340 counters remained unchanged.
Malacca Securities Sdn Bhd said that the positive momentum from Wall Street, particularly the renewed interest in technology stocks after the US-Vietnam trade agreement, is likely to extend to the local market.
"With the resumption of optimism surrounding the Data Center developments, traders may want to monitor technology and telco stocks.
"On the National Energy Transition Roadmap front, we like solar and renewable energy segments.
"In view of higher inflationary pressure, which may lead to downtrading in consumers in the near future, we favour defensive stocks in the consumer sector like Mr DIY Group (M) Bhd," it said.
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