KUALA LUMPUR: Investors are expected to heave a sigh of relief on Thursday as the better-than-expected inflation data released in the US overnight should serve as further evidence the Federal Reserve will halt its rate hikes at its next Open Market Committee meeting.
On Bursa Malaysia, the market had a flattish opening on the back of a mixed performance in the major US indices, with expectations for stock prices to remain range-bound as investors await more domestic catalysts.
At 9am, the benchmark FBM KLCI was down a marginal 0.1 points to 1,425.58 although the broader market showed a positive breadth of 126 gainers to 78 decliners.
From a charting standpoint, TA Securities Research said the key index chart supports remain at a recent low of 1,391 and last October’s low of 1,372.
Immediate resistance meanwhile stays at 1,450 following by the levelling 200-day moving average at 1,456 with 1,480 and 1,500 acting as stronger resistance levels.
Among blue chips, banks were seen picking up with Maybank rising four sen to RM8.74, Public Bank adding one sen to RM4, CIMB gaining two sen to RM5.04 and Hong Leong Bank rising six sen to RM21.10.
CelcomDigi gained three sen to RM4.43, TM slid four sen to RM5.08 while IHH rose two ssen to RM5.92.
Meanwhile, consumer retail stock Padini fell nine sen to RM3.92 while F&N dropped 14 sne ot RM27.
Top actives included Bahvest up two sen to 13.5 sen, Vinvest gaining 0.5 sen to 20.5 sen and ADB rising five sen to 72.5 sen. – The Star