KLCI opens higher but drifts lower thereafter


KUALA LUMPUR: The FBM KLCI opened higher but drifted slightly lower thereafter, due to selling activities led by selected heavyweights.

At 9.18am, the FBM KLCI was 1.27 points lower at 1,514.93 after opening marginally higher at 1,516.48.

Dealers said the local bourse might drift with a marginal negative bias today ahead of the Chinese New Year holidays and geopolitical tension in Ukraine.

Overnight, the Dow Jones Industrial Average fell 129.64 points, or 0.4%, to 34,168.09. The S&P 500 fell 0.2% to 4,349.93 while Nasdaq Composite finished almost flat at 13,542.12.

TA Securities said stronger buying momentum and liquidity boost on the domestic market would be essential to sustain further recovery from the recent sell-off.

“Important immediate supports for the index are retained at the 1,500 psychological level, with better supports at 1,470 and 1,452, the 50% Fibonacci Retracement (FR), which matched the Nov 2020 low.

“Immediate resistance stays at the rising 30-day ma now at 1,530, with 1,550 and 1580 as subsequent tougher upside hurdles,” it said.

Hong Leong Investment Bank said Bursa Malaysia should remain choppy, clouded by the hawkish Fed, lingering Russia-Ukraine conflict, the CNY celebrations next week as well as the upcoming February reporting season.

“On the index, the confirmed breakdown below multiple key MAs and 1,515 supports will grease correction towards 1,475-1,500 zones whilst stiff resistances are situated at 1,522-1,533-1,549 territory,” it added.

On Bursa Malaysia, KESM shed 26 sen to RM10.54, MPI lost 22 sen to RM38.94 and Toyo Ventures fell 22 sen to 93 sen and Greatech eased 12 sen to RM5.01.

PMB Technology added 12 sen to RM14.12, Affin gained nine sen to RM2.05, Petronas Dagangan added eight sen to RM19.85 and Hong Seng rose six sen to RM2.73.

Among the KLCI component stocks, Inari fell six sen to RM3.21, IHH Healthcare lost four sen to RM6.32, Genting declined three sen to RM4.40 and Press Metal eased three sen to RM6.04.

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