Bursa remains range-bound in lead up to domestic data

KUALA LUMPUR: Local investors are expected to have their eyes peeled for more news on the domestic front as Malaysia's economic report is due later this week while corporate earnings results continue to trickle in.

There was some relief for global markets following US Fed chair Jerome Powell's dovish comments overnight as he acknowledged that inflationary pressures had begun to ease.

However, the upside was capped as Powell also said lending rates are expected to continue given the disinflationary process had only just started.

At the opening bell, Bursa Malaysia's benchmark index was flat at 1,476.39, nothing just a 0.01-point gain from the previous session as investors were intent to keep to a consolidation phase.

"Range bound trading should persist pending more significant local catalysts, with focus on the state of the Malaysian economy and corporate earnings results," said TA Securities Research in its market commentary.

The research firm maintained its immediate support levels at 1,460 and 1,450 and stronger supports at 1,420 and 1,400.

It said significant overhead resistance remains at 1,512, with the August high near 1,528 as stronger resistance, followed by 1,550 and 1,570 as tougher upside hurdles.

Some early gainers on the market included F&N up 48 sen to RM26.48, Ajinomoto rising 10 sne to RM14 and BAT, with earnings results due later today, gaining 10 sen to RM12.70.

There was some retreat in Hextar Technologies falling 10 sen to RM28.10, Hap Seng sliding seven sen to RM7.13, Pentamaster dropping six sen to RM5.02 and Aemulus dipping six sen to 39.5 sen.

MyEG remained heavily traded, rising 2.5 sen to 72.5 sen after a sharp plunge in the previous session on news its services to the Immigration Department may be terminated following the rollout of a centralisation national immigration system.

Other active counters included Ta Win adding 0.5 sen to 8.5 sen, Aemulus losing five sen to 40.5 sen and Iris adding 0.5 sen to 40.5 sen.

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