Bursa Halts Winning Streak. Heavyweights Face Profit-Taking

KUALA LUMPUR, Sept 24, 2026 — The FBM KLCI snapped a two-session winning streak on Wednesday, slipping 0.42% or 7.07 points to close at 1,676.43. The local equity market succumbed to selective profit-taking among index heavyweights and weakened sentiment in petrochemical counters, driven by broader volatility in crude oil markets.

Winning Streak

Market breadth tilted negative across the floor, with 549 decliners eclipsing 519 gainers, while 577 counters traded unchanged. Downside pressure was led primarily by Transportation & Logistics (-0.83%), Financial Services (-0.80%), and Plantation (-0.49%). Conversely, defensive buying cushioned losses, pushing Energy (+0.69%), Telecommunications & Media (+0.63%), and REITs (+0.13%) into positive territory.

Technical indicators suggest near-term momentum remains muted, with the index hovering below key exponential moving averages (EMA9, EMA20) and its 200-day simple moving average. Market analysts anticipate range-bound trading in the near term, with immediate support at 1,660 and resistance pegged around 1,680–1,685. Investors are expected to maintain a cautious stance ahead of Budget 2027 announcements, seeking defensive plays in utilities and banking.

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