KLCI set for sideways trading

KUALA LUMPUR: The FBM KLCI is attempting to hold on to the 1,600 psychological level after sliding below the support in yesterday's trading.

However, short of a convincing breach of the level, the index is showing some positive retracement following two days of losses.

At 9.05am, the FBM KLCI was up 0.97 points to 1,598.68.

Given the recent weakness in the market and lack of fresh leads, there are expectations that the index will travel in a sideways direction.

However, Malacca Securities Research noted that some sectors may see some upside potential given recent developments.

"The packaging sector may continue to see an uptrend move while the construction sector may also be buoyed by the acceleration of MRT3 tenders," said the research house in its market outlook.

It added that the 1% gain in the Nasdaq overnight could provide some lift to technology counters.

Some early gainers on the market include Petronas Gas rising 22 sen to RM16.08, Kuala Lumpur Kepong climbing 18 sen to RM22.68 and Petronas Dagangan gaining 14 sen to RM19.82.

Most actives were Minda up one sen to 18.5 sen, Rex adding one sen to 24.5 sen and Dagang Nexchange edging one sen higher to 83 sen.
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Bursa Malaysia , FBM KLCI , equities


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