KUALA LUMPUR: A strong showing on Wall Street overnight could lend some support to the domestic market, which managed to firm up before the Thursday break, while optimistic manufacturing data could offer some cushion to further downside.

       Apex Securities Research said in a note it expects some stability to come by with the key index likely to be supported above the 1,500 level.

       However, it said the lower liners are experiencing renewed volatility and may see a consolidation as investors turn more defensive following the resumption of trading.

       In January, Malaysia's manufacturing purchasing managers' index came in at a 16-year high, which suggested the sector was on course for a gradual recovery.

       Armed with the signal that the worst of manufacturing slowdown of 2023 had passed, investors could approach their investment portfolios with renewed optimism over economic growth in 2024.

       Meanwhile, Apex said investors will be keeping a close tab on the release of US unemployment and consumer sentiment data later tonight, as well as a continued rebound in the technology sector.

       "After six consecutive sessions of retracement, we reckon the technology sector could be bracing for a potential recovery, mirroring the gains on the Nasdaq overnight," it added.

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       At the open, the benchmark FBM KLCI was down 3.63 points to 1,509.35 as investors played catch up to the reaction of global markets following US Federal Reserve Jerome Powell's comments on Wednesday.

       Early decliners included CIMB down nine sen to RM6.14, MISC shedding three sen to RM7.32 and Press Metal dropping five sen to RM4.69.

       Top actives were TSA up 5.5 sen to 60.5 sen, Minetec rising 1.5 sen to 16 sen and TWL unchanged at four sen.