KUALA LUMPUR: Bursa Malaysia sought fresh direction after concerns over the impact of soaring oil prices on the economy took the bite out of investor sentiment.
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After a bout of profit-taking yesterday, the market is set to remain weak as investors weigh economic data with the current pace of inflation.
A US job openings report that showed a tighter labour market triggered fears of an economic slowdown, which is expected to be further impacted by the higher oil costs.
At the open, the benchmark FBM KLCI was little changed, down 0.32 points to 1,429.29.
TA Securities Research said the local market is expected to extend a consolidation phase as it neutralises from overbought conditions amid the strong global oil price trend.
“Immediate index resistance stays at 1,450, followed by the easing 200-day moving average level at 1,458, with 1,500, and then 1,512 as stronger resistance levels.
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“Key chart supports are from the recent low of 1,391, and last October’s low of 1,372,” it said in a note.
The rally on the Bursa Malaysia Energy Index edged 0.1% lower on some profit-taking after a surge in prices earlier this week.
Bumi Armada fell 1.5 sen to 67.5 sen, Dialog dropped one sen to RM2.40 and MMHE shed one sen to 64 sen.
Reach Energy, which has slipped into Practice Note 17 status, was down 0.5 sen to five sen.
On the blue-chip index, PETRONAS Dagangan fell 50 sen to RM21.16 while PETRONAS Chemicals edged four sen lower to RM7.18.
Meanwhile, top actives were Revenue up 1.5 sen to 27 sen, Jade Marvel up 0.5 sen to 31.5 sen and Cypark down 2.5 sen to 82 sen. – The Star