KUALA LUMPUR: The FBM KLCI started slightly lower on Wednesday after a four-day rally, which took the index to its highest closing so far this year.
At 9am, the benchmark index slipped 2.99 points to 1,645.32, staying on track to closing out the year on an annual high.
Rakuten Trade said a firm breakout above the 1,650 level, backed by strong volume, would reinforce the bullish bias and set the stage for a move towards 1,670.
"For today, we anticipate the benchmark index to trend within the 1,630–1,645 range," it said in a note.
TA Securities in its own report reiterated the absence of significant domestic catalysts could hold the market range-bound, preventing a breakout from the current consolidaiton.
"Imediate resistance is revised upwards to the August 2024 high of 1,684, with next upside hurdle at the December 2020 high of 1,695, followed by stronger resistance at the 123.6%FP (1,759). Immediate support is also adjusted higher to the 76.4%FR (1,610), with stronger supports coming from the 61.8%FR (1,564) followed by the 50%FR (1,527)."
There was profit-taking from blue-chips after recent gains, including from Press Metal
down five sen to RM6.88, IHH sliding five sen to RM8.67 and CIMB down four sen to RM7.94.
Glove maker Top Glove rose 1.5 sen to 65 sen ahead of its quarterlty result, due to be released later today.
Top actives included TWL unchanged at 2.5 sen, Velesto flat at 27.5 sen and VS Industry gaining 1.5 sen to 50 sen.
