KUALA LUMPUR: The FBM KLCI opened lower this morning but move higher thereafter.
At 9.11am, the FBM KLCI added 2.68 points, or 0.18% to 1,526.54. The index opened 0.55 of a point lower at 1,523.31.
TA Securities said stocks should trade sideways with downside bias given the weak buying momentum and lack of domestic positive catalysts, while investors await inflation data from the US, which will offer cues on the interest rate outlook this week.
“As for the index, immediate support stays at 1,520, with the 1,500 psychological level acting as stronger support. Crucial chart supports are at 1,470 and 1,452. Immediate resistance remains at last week's high of 1,570, with 1,580, 1,600, and 1,620 as stronger upside hurdles,” it said.
Overnight, the Dow Jones Industrial Average and S&P500 lost 0.81% and 1.08% to end at 32,910.90 and 4,115.77 respectively. Nasdaq fell 0.73% to end at 12,086.27.
Rakuten Trade Sdn Bhd expects bargain hunting will prevail given the cheap valuations of local stocks, continuous inflow of foreign investors and improving macroeconomic situation in the country.
“As such, we expect the benchmark index to trend slightly higher within the region of 1,520-1,540,” it added.
Meanwhile. AmBank Research expects the ringgit to trade between its support level of 4.3800 and 4.3850 while its resistance is pinned at 4.4100 and 4.4200.
The ringgit closed unchanged at 4.395 yesterday
On Bursa Malaysia, Petronas Dagangan surged 70 sen to RM21.80, PPB Group gained eight sen to RM16.08, Cycle & Carriage Bintang added 10 sen to RM2.70 and Nestle rose 10 sen to RM132.70.
Malaysian Pacific Industries
lost 58 sen to RM32.62, Batu Kawan fell 32 sen to RM27, British American Tobacco eased 12 sen to RM12.10 and Oriental declined eight sen to RM7.71.
Among the actives, Dynaciate climbed two sen to 16.5 sen with 80.4 million shares done while LGMS fell 3.5 sen to 81 sen with 54.58 million shares traded.
