Bursa Malaysia investors take breather as Wall St stocks fall ahead of Fed summit

KUALA LUMPUR: Investors on Bursa Malaysia are backing off overheated valuations as Wall Street's overnight decline offered them an exit opportunity.
There was a broad decline on Wall Street with tech stocks taking the brunt of the selling as investors turned jittery ahead of the Jackson Hole symposium being held this week.
The FBM KLCI was down 2.21 points to 1,588.03 as it opened for trading on Wednesday, taking its cue from the US market to cash out of overbought stocks.
TA Securities said the overbought technical momentum indicators are likely to lead to profit-taking, capping near-term gains.
"This is compounded by investor caution amid ongoing geopolitical tensions surrounding the Russia-Ukraine conflict," it said in its market commentary.
According to Rakuten Trade, the FBM KLCI 's recent rally was supported by local institutions, which if maintained, could bring the index to re-test the 1,600 target, en route to a 2025 target of 1,630.
"As such, we will not be surprised if
consensus began to upgrade their respective targets for the KLCI in due course.
"For today, we expect the index to trend between the 1,585-1,600 range," said the broker in a note.
On the stock market, MPI slid 50 sen to RM22.50, Nestle shed 48 sen to RM87.02 and Dutch Lady dropped 16 sen to 27.70.
Of actives, TWL was flat at 2.5 sen, Cape EMS rose one sen to 34 sen and Vantris Energy dropped 0.5 sen to 3.5 sen.

Sumber : thestar.com.my