Bursa stays sideways pending fresh leads, US rate clarity

KUALA LUMPUR: Bursa Malaysia is expected to continue moving in a sideways trajectory ahead of further signals from the US Federal Reserve on their next interest rate move.

Apex Securities Research said the FBM KLCI is expected to trend sideways in view of the lack of surprises from corporate results, with falling US Treasury yields cushioning the downside amid expectations of cooling inflation.

From a technical view, the research firm said the FBM KLCI ticked mildly lower as the key index hovered below the middle Bollinger bands.

"Indicators remained weak as the MACD Line lingered below the Signal Line, while the RSI remains below 50. The downward bias consolidation may extend with resistance located at 1,465. Support is pegged around 1,435," it said in a note.

At the open, the FBM KLCI was up 0.61 points to 1,448.63, as investors traded cautiously in the absence of fresh leads.

PETRONAS Chemicals dropped four sen to RM7.04 followings its disappointing earnings result, while PETRONAS Gas fell 16 sen to RM16.68.

Blue chips that ticked higher included Axiata up two sen to RM2.37, PPB rising four sen to RM14.10 and MISC gaining two sen to RM3.99.

On the broader market, United Plantations rose 20 sen to RM17.02, British American Tobacco jumped 12 sen to RM9.47 and Ta Ann climbed 11 sen to RM3.62.

Active counters included CSH down 0.5 sen to 5.5 sen, Panda Eco System gaining one sen to 28 sen and Leong Hup adding one sen to 70 sen.

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