KUALA LUMPUR: A slight dip in the FBM KLCI in early morning trading showed signs that the market was extending a consolidation phase that began after the sharp decline last week.

       At 9.05am, the key index was down 2.03 points to 1,533.38 amid a lack of fresh leads and as investors awaited more details over the implementation of the recently tabled Budget 2022 initiatives.

       "Despite lacklustre tradig activities on the local front, we noticed foreign funds have been buying into local equities over the past two trading days.

       "However, we expected the broader market to trade in a rangebound mode while investors keep an eye on the unemployment rate and GDP growth rate, which will be released today and and Friday respectively," said Malacca Securities Research in a note.

       It added that the market is expected to trade with caution ahead of the Malacca state election.

       On the blue-chip index, Petronas Chemicals was down four sen to RM8.29, Press Metal fell four sen to RM5.36 and IOI dropped three sen to RM3.88.

       Banks were mixed with CIMB sliding two sen to RM5.05, Public Bank dipping one sen to RM4.03 and Maybank rising two sen to RM8.03.

       Some bright spots on the market included IHH rising six sne to RM6.57 and Genting Malaysia edging two sen higher to RM3.19.

       Top actives on the broader market included Eduspec falling 0.5 sen to 1.5 sen, KNM sliding 0.5 sen to 21 sen and Ecomate rising 0.5 sen to 49 sen.