KUALA LUMPUR: With Hari Raya Aidilfitri just around the corner, it is likely to be another quiet news week, leading to subdued trading on Bursa Malaysia.
The range-bound motion on the market is projected to continue for the time-being in the absence of buying catalysts, says Kenanga Research.
However, the research firm said trading opportunities may still exist selectively, judging my the previous week’s performance that saw some improvement in most of the local market’s sector indices.
“Technically speaking, following its climb from a recent low of 1,391 in mid-March 2023 to be back to where it was in the first half of March, the FBM KLCI may strive to carry on the rising momentum ahead.
“On the chart, with the Parabolic SAR showing a positive signal currently, the bellwether could attempt to challenge our immediate resistance hurdle of 1,440.
“Beyond the near term though, a continuation of the upward trajectory remains doubtful at this juncture as the 50-day SMA is still treading below the 100-day SMA. We are keeping our first support threshold at 1,395,” it said in its weekly review.
At the opening bell, Malaysia’s benchmark FBM KLCI was down 0.34 points to 1,434.79 as investors stayed close to a sideways trading channel.
There was conservative price movement on the blue-chip index with the banks pulling back slightly, including Maybank down two sen to RM8.69, Public Bank falling two sen to RM3.97 and Hong Leong Bank rising two sen to RM20.10.
Bursa Malaysia’s technology index, which had rallied in the previous session on the back of expectations the US Federal Reserve was nearing the end of its rate hike cycle, fell 0.4% to 63.1.
Frontken slipped three sen to RM3.15, Greatech dropped seven sen to RM4.83 and MI technovation shed four sen to RM1.68.
Most actively traded counters on the market included Hong Seng up 0.5 sen to 14 sen, Revenue gaining 1.5 sen to 42 sen and Classita adding 1.5 sen to 18.5 sen.
Top Glove remained among the most active among investors, adding two sen to RM1.13. – The Star