KUALA LUMPUR: The FBM KLCI was seen moving sideways on Tuesday in anticipation of the anouncement of interest rate decisions by both Bank Negara and the US Federal Reserve this week.
The market is also on edge for some headway to be made in trade negotiations between the US and its trading partners as well as awaiting the release of Corporate Malaysia's first-quarter corporate results, which is expected to pick up steam in the latter half of the month.
At 9am, Malaysia's blue-chip index was up a slight 1.1 points to 1,540.64, in line with the index's range-bound channel since Friday.
TA Securities is cautioning a slight downward bias ahead of the monetary policy decisions of the Malaysian and US central banks.
"Imediate resistance is kept at 1,564, which represents the 61.8%FR of the rally from the 1,369 low (June 2023)
to the 1,684 peak (August 2024), with next upside hurdles seen at the 76.4%FR (1,610) and 1,644.
"Immediate support is maintained at the 38.2%FR (1,490) with stronger supports seen at the 23.6%FR (1,444)
followed by the 1,400 psychological level," it said in its market commentary.
On a sectoral basis, Malacca Securities Research is seeing buying opportunities in banking stocks given the rise in the finance index by about 10% from its April 9 low.
"Alliance Bank and Ambank could be in focus, as they have lagged behind peers despite healthy dividend yields," it said in a note.
The research firm is also bullish on Itmax amid a downtrend line break - following continuous contract wins in Johor and the prospect of replicating this success in Penang.
For a more conservative play, it remains positive on KPJ, as the company has minimal exposure to US tariff risks, while its solid management and brownfield
expansion should provide further price support.
On Bursa Malaysia, the top traded stock was Permaju industries, rising 0.5 sen to 3.5 sen with a turnover of 34.1 million shares.
This was followed by Velesto
, flat at 15.5 sen and Jiankun unchanged at three sen.
Ekovest rose one sen to 34 sen after receiving government approval for the privatisation of two urban expressway projects, and MR DIY jumped 10 sen toRM1.77 following a positive results announcement.
