Kuala lumpur: Bursa Malaysia experienced a downturn on Tuesday morning, erasing gains from the previous day. This decline comes as regional market sentiment weakens, with investors adopting a cautious approach ahead of the US Federal Open Market Committee (FOMC) meeting, which is set for today and tomorrow. Additionally, the upcoming earnings announcements from major US tech companies contribute to the tentative market behavior.

According to BERNAMA News Agency, the FTSE Bursa Malaysia KLCI (FBM KLCI) dropped by 6.76 points to reach 1,706.33 by 9:15 am, down from the last close of 1,713.09. The index had initially opened lower by 1.14 points at 1,711.95. The broader market reflected this negative sentiment, with 338 decliners surpassing 96 gainers, while 326 counters remained unchanged, 2,020 were untraded, and 36 were suspended. The total turnover at this time was 282.61 million shares, valued at RM146.30 million.

Mohd Sedek Jantan, director of investment strategy and country economist at IPPFA Sdn Bhd, noted that Asian market players are closely watching the FOMC's decision and the earnings reports from US technology giants such as Meta Platforms Inc, Microsoft Corporation, Amazon.com Inc, and Apple Inc. This anticipation has led investors to secure profits and adopt a wait-and-see approach. Key upcoming macroeconomic data, including the Federal Reserve policy decision, nonfarm payrolls, and second-quarter gross domestic product figures, are further influencing market behavior.

In terms of specific stocks, heavyweights like Maxis, Hong Leong Bank, Mr D.I.Y, and Kuala Lumpur Kepong saw no change in their share prices, while Petronas recorded a slight gain. Among the active stocks, Zetrix AI, Nationgate, and Tanco saw declines, whereas SNS Network Technology and TWL experienced minor gains.

Top gainers included United Plantations, which rose by 30 sen, and Dutch Lady Milk Industries, which increased by 18 sen. Meanwhile, Malaysian Pacific Industries led the list of decliners, losing 92 sen.

The broader indices also saw declines, with the FBM Emas Index, FBMT 100 Index, and FBM Mid 70 Index all recording losses. Sector-wise, the Financial Services Index, Energy Index, Industrial Products and Services Index, and Plantation Index all experienced downturns, reflecting the cautious market sentiment.