KUALA LUMPUR: The FBM KLCI ended the morning session in negative territory as the overall market sentiment remained weak.

       The benchmark index lost 11.84 points, or 0.78% to 1,497.87, with 27 out of the 30 constituent counters falling into the red. It opened 4.03 points lower at 1,505.68 this morning.

       In the broader market, laggards outnumber gainers 655-to-164; about 1.22 billion shares changed hands so far in deals worth RM823.3mil.

       Dealers said the local bourse is expected to continue its bearish consolidation amid the lack of fresh new leads or positive catalysts.

       It is noteworthy that market participants anxiously wait for US inflation data, which will offer cues on the interest rate outlook.

       TA Securities said the present weak market tone should persist ahead of the weekend, with worries over further tightening bias from the ECB and US to counter surging inflationary pressures expected to dampen near-term trading sentiment.

       “Key immediate support for the index will be the 1,500 psychological level, while crucial chart supports are at 1,470 and 1,452.

       “Immediate resistance remains at last week's high of 1,570, with 1,580, 1,600, and 1,620 as stronger upside hurdles,” it added.

       Malacca Securities said the FBM KLCI slumped for the sixth straight session amid regional weakness, marking its longest losing streak since January 2022 despite the stronger retail sales recorded in April 2022, coupled with an improved unemployment rate which dipped below 4%.

       "Investors may stay cautious, given the heavy selling pressure on Wall Street and European stock exchanges as ECB increased its interest rate by 50 basis points, translating into further volatility on the local exchange over the near term," it said.

       On Bursa Malaysia, Malaysian Pacific Industries lost 48 sen to RM31.90, Genting fell 33 sen to RM4.87, Petronas Dagangan eased 32 sen to RM21.34 and Petron Malaysia declined 23 sen to RM7.11.

       Among the gainers, Harrisons rose 20 sen to RM6.15, Bintulu Port added 19 sen to RM5.60, Dufu gained 16 sen to RM2.91 and KESM climbed 15 sen to RM7.65.