Traders await results, major banks expected to report

KUALA LUMPUR: Trading on Bursa Malaysia is expected to remain cautious on Wednesday as investors have their eyes peeled for corporate earnings, with the heavyweight banks yet to release their results.

A deluge of earnings results is expected to offer trading leads over the remaining three days of the fourth-quarter reporting season. 

There was little trading action at the start of Wednesday's session as the FBM KLCI rose a slight 1.35 points to 1,755.36. 

On the external front, Apex Securities said global markets remained cautious as investors focused on upcoming earnings from Nvidia, a barometer of future AI demand.

Additionally, lingering concerns persist following the implementation of a 10% US global tariff that took effect on Tuesday, alongside uncertainty over potential 15% levies.

"Against this backdrop, the FBM KLCI is expected to trade range-bound in the near term, as investors remain selective amid mixed regional cues and are likely to focus on assessing upcoming corporate earnings, while persistent external uncertainties may cap near-term upside," it said in its outlook.

Companies that recently announced their results included Sunway Construction, jumping 23 sen to RM6.82, PETRONAS Dagangan rising 12 sne to Rm21.52 and Soalrvest adding nine sen to RM2.33.

Stocks that saw selling pressure after disappointing results included PETRONAS Gas falling 40 sen to RM18.20 and Gas Malaysia shedding 17 sen to RM4.58.

Of actives, furniture hardware supplier Teamstar slipped 1.5 sen on its debut on the ACE Market to 24.5 sen after 37.77 million shares done.

Pharmaniaga was flat at 30 sen and Advance Synergy slid 0.5 sen to eight sen.