KUALA LUMPUR: The FBM KLCI started the week on a slightly positive footing following the previous week's strong selling pressure as investors' expectations of a US rate cut for December dimmed.
The benchmark index was up 2.57 points to 1,620.14, hovering above the 50-day simple moving average and suggesting the likelihood of sideways trading.
"Following last week's volatility, technical momentum and trend indicators
on the FBM KLCI remain muted, suggesting a range-bound trajectory in the near term.
"With no fresh domestic catalysts, the local bourse is likely to stay in consolidation mode as investors adopt a wait-and-see approach," said TA Securities in its outlook.
Rakuten Trade said the broader market was showing encouraging stregnth, supported by strong trading volume over the past several sessions.
"This indicates investors are gradually returning to the local market," it said.
"We expect bargain-hunting activities to emerge and anticipate the benchmark index to trade within the 1,615–1,625 range today."
Early gainers on the market included Nestle up 20 sne to RM112.20, F&B rising 14 sen to RM32.76 and APM jumping 14 sen to RM3.40.
Top actives were Land & General rising one sen to 15.5 sen, Tanco adding one sen to Rm1.05 and Catch gaining 2.5 sen to 34 sen.
