Stock market weakens at midday

KUALA LUMPUR: Bursa Malaysia weakened at midday Tuesday, bucking the regional trend as fresh catalysts were elusive.

The FBM KLCI slipped 3.27 points, or 0.22% to 1,471.11 at lunch break, with 14 of the KLCI-component stocks traded lower.

There were 356 gainers, 400 losers and 375 counters traded unchanged on the Bursa Malaysia.

TA Securities said the local market should trade sideways with downside bias as investors look forward for leads on the keenly-awaited US inflation data for November, and interest rate decisions from the US and European central banks.

“Immediate chart supports for the index are at 1,460 and 1,450, with better supports from 1,420 and 1,400.

“Immediate resistance remains at the 1,500 psychological level, with 1,512, and the August high near 1,528 as stronger resistance levels, followed by 1,550 and 1,570 as tougher upside hurdles,” it said.

Meanwhile, Rakuten Trade expects the index to maintain its trend at within the 1,470-1,485 range.

The research house expects the plantation sector to see some headwinds today following the decline in crude palm oil price to a 2-month low.

As for crude oil, the Brent crude closed above US$78/barrel on supply uncertainties.

Among the losers on Bursa Malaysia, PPB fell 48 sen to RM17.34, Batu Kawan eased 30 sen to RM21, Pineapple Resources lost 24.5 sen to 85.5 sen and Aeon Credit declined 18 sen to RM12.72.

Kotra jumped 65 sen to RM6.70, F&N added 48 sen to RM22.08, Ajinomoto rose 42 sen to RM11.90 and newly listed ITMAX advanced 31 sen to RM1.38.