KUALA LUMPUR: Bursa Malaysia remained in negative territory at midday, mirroring the downward trend seen in regional markets.
At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined 0.43 per cent, or 6.89 points to 1,608.93, compared to Tuesday's close of 1,615.82.
The overall market sentiment was negative, with 839 losers compared to 272 gainers, while 409 counters remained unchanged.
Hong Leong Investment Bank (HLIB) Research suggests that the FBM KLCI may see increased stability amid uncertainties related to the peak of the May results season and discussions within the Federal Reserve regarding rate cuts.
"Resistance levels could potentially be encountered around 1,635-1,650, according to their assessment."Downside risks around the 1,590-1,610 zones might be lessened due to rising foreign investor interest, a more stable Malaysian ringgit, and clearer policies aimed at attracting foreign direct investment," it said.
Additionally, HLIB Research said stable political conditions are expected to contribute to long-term economic growth and competitiveness.
