KUALA LUMPUR: The domestic market is expected to stay range-bound after opening with marginal weakness as it awaited more developments on the global economy.
At the opening bell, the benchmark FBM KLCI was down just a fraction to 1,387.24 as investors awaited more trading direction.
According to TA Securities Research, stocks should continue to trade sideways amid lacking market leads, and as investors await for clues on the policy direction and interest rate decisions from major global central bankers.
“Immediate overhead index resistance remains at 1,400, with 1,420, followed by the 200-day moving average at 1,446, acting as stronger resistance levels.
“On the downside, crucial chart supports are at 1,369, then 1,350,” it said in a note.
Meanwhile, Malacca Securities Research noted that the government’s decision to cut stamp duty for shares traded on Bursa Malaysia may stimulate trading activities.
However, it maintained that sentiment would stay tepid without fresh catalysts on the global front and ahead of the six state elections.
“Meanwhile, investors may stay mixed in view of the upcoming China’s interest rate decision,” it added.
Following slump in the previous session, Press Metal continued its slide by seven sen to RM4.57 while Maxis, another leading laggard previously, slipped one sen to RM4.13.
Other blue chips on the decline included Tenaga Nasional falling six sen to RM9.16, IHH shedding four sen to RM5.88 and PETRONAS Gas dropping 10 sen to RM16.70.
Leading actives on the market included SCIB down 0.5 sen to 41.5 sen, YTL dropping three sen to 93.5 sen and Ta Win unchanged at four sen.
– The Star