FBM KLCI Retreats as Profit-Taking Weighs; Global Equities Mixed

The FBM KLCI extended its pullback on Thursday, declining 1.46% to close at 1,730.89 as profit-taking intensified following the strong rally earlier in the week. Most sectors ended lower, though REITs (+0.51%) and Property (+0.30%) managed to buck the weakness.

On Wall Street, US equities closed mixed as technology stocks came under pressure after megacap earnings reignited concerns over AI-related spending. The Nasdaq fell 0.72%, dragged by Microsoft, while the S&P 500 eased 0.13%. The Dow Jones edged slightly higher, supported by non-technology names. In Europe, the STOXX Europe 600 slipped 0.23% amid mixed earnings. Asian markets were uneven, with South Korea’s Kospi rising 0.98% to a record high, Hong Kong’s Hang Seng gaining 0.51%, while Japan’s Nikkei was flat on yen strength.

Global equities

Looking ahead, the FBM KLCI is expected to trade cautiously as investors adopt a wait-and-see stance following the Federal Reserve’s decision to keep rates unchanged. Elevated gold prices and a softer US dollar highlight defensive positioning amid geopolitical risks, while technical indicators suggest resistance at 1,750 and support near 1,685. – source: Apex

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