KUALA LUMPUR: Mild bargain-hunting activities could emerge on the domestic market even as market conditions improve, said Apex Securities Research.
The research firm said the FBM KLCI could trade in range in the upcoming week as investors adopt a cautious approach, with the likelihood the US Federal Reserve is unlikely to cut rates in the near future.
"The benchmark index could consolidate below the immediate resistance of 1,500. Support is pegged at 1,445," it said in a note.
Bets that the US central bank would cut rates in the first quarter of the year were dialled back following the release of December consumer price index data that showed stubbornly high inflation.
Bursa Malaysia's lower liners, meanwhile, are expected to find their footing following a recent retacement, said Apex.
At the start of trading, the benchmark FBM KLCI was up 0.94 points to 1,488.28.
YTL Power continued to forge higher, rising nine sne to RM3.77, while YTL Corp gained five sen to RM2.41.
Genting was up five sen to RM4.75 and CelcomDigi added three sen to RM4.27.
Top actives on the wider market were Hong Seng up 0.5 sen to two sen, SC Builder down 0.5 sen to 2.5 sen and Mintec dropping one sen to 18.5 sen.
