KUALA LUMPUR: There was little enthusiasm on the domestic market amid an absence of catalysts to break it out of a consolidation phase.
The FBM KLCI was up 1.64 points at the open to 1,610.79, paring only slightly the losses made in the previous session.
A technical review by TA Securities showed persistent weakness in the short-term technical momentum indicators, which continues to signal a bearish outlook for the benchmark index.
Looking further ahead, the research firm said the longer-term indicators suggest further profit-taking and consolidation may be on the horizon.
"Weak domestic sentiment and the absence of strong catalysts continue to weigh on the index. Externally, investor confidence is further weighed down by concerns over the ongoing U.S. government shutdown and hawkish commentary from Federal Reserve Chair Jerome Powell, both of which have added to the cautious tone in global markets," it said.
The negative forecast comes at odds with Rakuten Trade's more positive outlook, as it expects a bounce on the market over the coming term.
"Though market undercurrent remains cautious, we are adamant that bargain hunting should emerge anytime soon hence expect the index to hover within the 1,605-1,615 range today," it said in a note.
Investor interest was seen in Nestle, rising RM1.10 to RM114.10, and YTL Power, gaining seven sen to RM4.06.
Malayan Cement surged 14 sen to RM7 while KESM jumped eight sen to RM3.71 and MN Holdings climbed seven sen to RM1.94.
Most active counters were DNeX up two sen to 32.5 sen, Genting Malaysia unchanged at RM2.33 and Digistar rising 0.5 sen to 6.5 sen.
