KUALA LUMPUR: The sentiment on the domestic market is anticipated to remain to the downside following the previous session’s retreat as the ongoing worries over the US debt ceiling and local economic growth continue.
At the opening bell, the benchmark FBM KLCI was down 0.68 points to 1,418.32, showing ongoing uncertainty as Wall Street ended mixed overnight.
US policymakers continue to struggle to resolve an impasse over the debt ceiling, which could result in default by the world’s largest economy come a June 1 deadline.
Meanwhile, TA Securities Research said the local market should drift lower on limited investor participation, dampened by concerns over the domestic economic growth momentum.
“Immediate index support remains the 1,400 psychological level, while key chart supports are from the recent low of 1,391 and last October’s low of 1,372.
“Immediate overhead resistance stays at 1,450, with the leveling 200-day moving average at 1,456, and 1,480 then 1,500 acting as stronger resistance levels,” said the research firm in its market commentary.
Maybank rebounded following the previous day’s sell-off, rising seven sen to RM8.65 although Hong Leong Bank slippedsix sen to RM19.92.
Plantations continued their slide, including Sime Darby Plantation dropping four sen to RM4.48 and IOI slipping six sen to RM3.94.
On the broader market, Gentec shed 10 sen to RM2.43, MPI fell eight sen to RM25.22 and F&N dropped 18 sen to RM26.44.
Most active counters were Revenue up one sen to 31 sen, Bahvest unchanged at 15.5 sen and Vinvest flat at eight sen.
– The Star