KUALA LUMPUR: The FBM KLCI stayed in the negative territory at the lunch break as the regional sentiment remained weak.
At 12.30 pm, the benchmark index fell 5.43 points to 1,445.59 with
The market breadth was negative with 445 decliners compared to 311 gainers, while trading volume was 2.01 billion shares valued at RM939.3mil.
Among blue chips, Genting was down seven sen to RM4.58, Public Bank fell five sen to RM4.23 and Tenaga lost five sen to RM9.93.
Nestle rose 50 sen to RM114.470, PETRONAS Dagangan added eight sen to RM22.58 and RHB Bank climbed three sen to RM5.48.
On the broader market, Hextar Technologies slid 70 sen to RM22.10, Heineken fell 20 sen to RM21.30, Rapid rose 24 sen to RM27.94 and Panasonic Manufacturing gained 16 sen to RM17.86.
Topping the actives list, Classita was up one sen to 5.5 sen on heavy volume of 142.6 million shares exchanging hands.
TA Securities said the local market should remain in sideways consolidation with most investors sidelined as they await more cues from inflation and interest rate direction from key regional economies.
“On the index, better chart supports are at 1,430, and then 1,400/1,390, while the end June low of 1,370 will act as crucial support. Immediate resistance is still at 1,465/1,470, with the 1,490/1,500 area acting as tougher upside hurdle,” it said.
Meanwhile, Inter-Pacific Research anticipates the near-term market conditions to remain relatively unchanged and expects the key index to sustain a tight range for an extended period as the interest rate upcycle may be ending and the threat of a severe global recession has receded.
“As it is, there remains few impetuses for market players to nibble on and this could keep the key index rangebound with a slight downward bias for now. Key global indices are also taking a breather from their recent gains and this could also keep the FBM KLCI on a lid for the time being.
“The 1,450 level, while serving as a psychological level, is still fragile and if it fails to hold the supports are back again at the 1,445 and 1,440 levels. Meanwhile, the hurdles are at 1,456 and 1,460 points respectively,” Inter-Pacific said.
In regional markets, Japan's Nikkei 225 was down 1.12% at 32,860.04 and South Korea's Kospi fell 0.37% to 2,505.69.
China's composite index slipped 0.7% to 3,002.09 and Hong Kong's Hang Seng shed 1.76% to 16,353.87.