KUALA LUMPUR: The FBM KLCI ended the morning trading session on a flat note on a lack of fresh catalysts.
At 12.30pm, the benchmark index was up a negligible 0.06 of-a-point to 1,413.10.
Trading on Bursa Malaysia was subdued with only 1.28 billion shares exchanging hands for RM850.26mil.
Reuters reported that S&P 500 futures rose 0.7%, and MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.1%. Japan's Nikkei rose 0.7%.
“With Wall Street sliding deeper into a bear market, we believe the local bourse is likely to witness heightened volatility on the back of worries over the global economic downturn,” Malacca Securities said.
Commodities-wise, it said both the crude oil and CPO price extended a downtrend move, hovering around US$84 a barrel and RM3,500 respectively.
Meanwhile, gold price trended lower, trading around US$1,620 as investors headed for US dollar.
Hong Leong Investment Bank said KLCI wa now firmly trapped in a downt rend channel, as the bears are in total control aft er violating multiple crucial supports to record its eight decline out of nine trading days.
“We reiterate that an extended downward consolidation may prevail towards our envisaged 1,400 psychological support this week, before staging an oversold rebound.
“Major resistances are pegged at 1,436 (76.4% FR), 1,454 (61.8% FR) and 1,482 (38.2% FR). Conversely, a decisive breakdown below 1,400 may induce further selloff toward 1,363 (138.2% FR) and 1,380 (123.6% FR),” the research house said.
On Bursa Malaysia, Nestle jumped RM2.10 to RM129.90, Carlsberg added 56 sen to RM22.66, PPB gained 54 sen to RM16.46 and Heineken rose 44 sen to RM23.82.
Dutch Lady
tumbled RM2.20 to RM30, F&N eased 52 sen to RM21.78, PETRONAS Dagangan fell 34 sen to RM20.66 and Hong Leong Bank declined 28 sen to RM20.30.
ACE Market debutant, PT Resources added 1.5 sen to 37.5 sen with 134.97 million shares traded.
