Bursa to remain range-bound pending domestic leads

KUALA LUMPUR: The domestic market is expected to stay range-bound pending more domestic leads as external developments pressure sentiment.

TA Securities Research said there is caution over Chinas potential measures to cushion its slowing economy while elevated US interest rates cap upside bias.

At the opening bell, the benchmark FBM KLCI was up 0.1 points to 1,451.63 as investors were intent to hover near the 21-day simple moving average.

"On the index, immediate chart supports are from the recent low of 1,433, then 1420/ 1,400, while resistance will be at the recent 1,464 high and 1,470, with next upside hurdle from the 1,490/1,500 levels," said TA Securities in its review.

Among blue chips, Tenaga Nasional rose two sen to RM10.08, PETRONAS Chemicals gained two sen to RM7.03 and PETRONAS Gas added six sen to RM17.34.

In plantations, Sime Darby Plantation gave up four sen to RM4.35 and IOI shed eight sen to RM3.97.

Some notable gainers on the market included Uli Corp up 11 sen to RM1.16, Manulife rising four seen to RM1.91 and Teo Seng gaining four sen to RM1.12.

Leading actives meanwhile included KNM losing 0.5 sen to 8.5 sen, Bumi Armada unchanged at 50.5 sen and Saudee shedding 0.5 sen to three sen.