FBM KLCI to trend sideways

KUALA LUMPUR: Malaysia's benchmark stock index is expected to continue moving sideways after failing to beat the recent high of 1,560, said Apex Securities Research.

The research firm also expects the lower liners to find stability following the recent pullback with investors searching for bargains amid the recently beaten-down counters.

"With the conclusion of quarterly earnings growth, the key focus will focus towards economic data.

"Regionally, investors will be monitoring on developments over the 14th National People’s Congress (NPC) in China to provide guidance over the world second largest economic health," it said in a note.

Meanwhile, Apex said th technology sector is expected to mirror the positive performance on the Nasdaq, which surged to a record high.

The energy sector will also be in focus after crude oil prices touched US$80 a barrel ahead of Opec+'s decision on production cuts.

At the open, the FBM KLCI was up 1.08 points to 1,539.1 as it hovered just under the 14-day simple moving average.

Most bank counters were up, including CIMB rising eight sen to RM6.42, Maybank gaining thee sen to RM9.48, Public Bank adding two sen to Rm4.38 and RHB rising one sen to RM5.62.

Sime Darby Plantation climbed five sen to RM4.39 and PPB rose 16 sen to RM15.46.

Top actives included Hong Seng unchanged at 1.5 sen, Harvest Miracle up 0.5 sen to 15.5 sen and TWL flat at 3.5 sen.

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