KUALA LUMPUR: The local market opens lower on Boxing Day as profit-taking sets in after the recent rally amid thinner trading conditions.
The FBM KLCI is down 4.34 points, or 0.26%, to 1,673.97 at 9.27 am, after opening 0.81 of a point lower at 1,677.50.
Among the losers, BLD Plantation
slides 12 sen to RM15.18, Carlsberg sheds 10 sen to RM16.70, PETRONAS Chemicals slips 11 sen to RM3.57, and Keck Seng eases five sen to RM5.55.
On the upside, F&N advances 40 sen to RM36.40, Hume Cement Industries adds 14 sen to RM3.29, Malayan Cement gains 10 sen to RM7.44, and HI Mobility edges up three sen to RM2.69.
Berjaya Research Sdn Bhd said the FBM KLCI is expected to trade on a firmer footing on the final day of the trading week, supported by continued window dressing activities and sustained buying interest in selected blue-chip counters.
Nevertheless, the research house noted that gains may be capped by potential profit-taking following the recent rally. Market sentiment is likely to remain mildly positive, with index movements guided by heavyweight stocks, while broader market participation may stay muted.
“While the FBM KLCI has formed another bullish candlestick after recovering all its intraday losses, the RSI indicator is increasingly overbought, highlighting potential pullback in the interim.
“For now, the immediate resistance is located at 1,680 points, followed by the 1,700 psychological level. Meanwhile, the near-term supports are pegged at the 1,658-1,647 points,” Berjaya Research said.
Meanwhile, Rakuten Trade believes the buying has been driven predominantly by local institutions.
Although the environment is also conducive for foreign funds, many are still avoiding the local bourse for now.
