SYDNEY, June 4 (Reuters) - Meta accused Australia of violating a free trade agreement with the U.S. by proposing a new tax on certain tech giants which do not strike licensing deals with local media, escalating a dispute which has simmered for half a decade.
KUALA LUMPUR: A downturn in global market sentiment is expected to accelerate downward pressure on Bursa Malaysia , which has been on a losing trend for nearly a month.
"The FBM KLCI has confirmed its Double Top formation after breaking below the 1,680-neckline support, signalling a weakening technical outlook. The index has also breached its key rising trendline support, suggesting that downside risks remain elevated," said Apex Securities, following the previous day's weak closing. The research firm now pegs immediate support at the 200-day moving average level of about 1,667, while immediate resistance is pegged at 1,680.
At 9am, the domestic market barometer was up 1.75 points to 1,674.49, a slight and tentative rebound after sliding more than 10 points in a late-session reversal yesterday as traders opted to cash out. Even Wall Street's major indices - which have been shielded by the gravity-defying performance of tech stocks, driven by the AI theme - are showing signs of fatigue from the lack of progress in Middle East negotiations.
Escalating tensions in the Middle East and firm economic data are expected to keep the Federal Reserve from cutting interest rates this year, sending the Dow Jones 620 points lower overnight amid rising Treasury yields. According to Apex, the FBM KLCI is expected to remain range-bound amid cautious regional sentiment, persistent foreign fund outflows and heightened political uncertainty following the dissolution of the Johor State Legislative Assembly ahead of the upcoming state election.
However, it noted that strength in energy-related stocks may help cushion broader market weakness.
"Energy, O&G and plantation sectors may outperform on firmer crude oil prices, while utilities and REITs could face headwinds from rising bond yields," it said in its sector outlook. On the blue-chip index, banks were seeing some pick-up in buying activity. Maybank rose 10 sne to RM10.52, CIMB gained seven sen to RM7.27 and Hong Leong Bank eight sen to RM21.04.
On the actives list, VS Industry rose one sen to 23 sen, SKP Resources gained 6.5 sen to 41.5 sen and GIIB was flat at 44.5 sen. Trading ideas: Chin Hin, Citaglobal, ES Sunlogy, Malton, MCE, Orkim, Pan Merchant, Perdana, Ramssol, RHB, Vantris, Willowglen, BCorp, Dnex, PPB, SRKK
Bursa Malaysia KLCI Equities Trading Stock
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