KUALA LUMPUR: The FBM KLCI held on to recent gains even as investor anxiety remained at a high ahead of monetary policy meetings scheduled by central banks this week.
In its daily report, TA Securities expected the local market to remain rangebound as investors say on the sidelines ahead of key US economic data delayed by the government shutdown.
"Immediate resistance is capped at the December 2024 high of 1,644, with the highs of 1,684, and 1,695 acting as tougher upside hurdles. Immediate support remains anchored at the 61.8%FR (1,564), with stronger supports seen at the 50%FR (1,527) followed by the 38.2%FR (1,490)," it said in its technical outlook.
Rakuten Trade said it remained watchful of external risks as sharp movements in global technology markets may continue to influence investor confidence.
"On a positive note, the strengthening of the ringgit is expected to provide support to the local market. As such, we anticipate the FBM KLCI to continue oscillating within the 1,630–1,640 range today," it said in a note.
The FBM KLCI slipped 0.95 points to 1,642.77 at Tuesday's open as investors were reluctant to give up gains made over the last three sessions.
Energy-related counters were the biggest laggards, including MISC down 12 sen to RM7.51 and PETRONAS Gas falling 12 sne to RM17.54.
Of actives, Perak Transit was down one sen to 29 sen, Bumi Armada
was dlat at 31 sen and Inari Amertron dropped five sen to RM1.78.
