KUALA LUMPUR: The local stock market opened on a flattish note following slight changes on Wall Street overnight in light of the US’ holiday-shortened trading session.
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TA Securities Research said the market remains on a lookout for clearer leads from global entral bankers on their interest rate and inflation guidance.
“Immediate overhead index resistance remains at 1,400, with 1,420, followed by the 200-day moving average at 1,441, acting as stronger resistance levels.
“Crucial chart supports are at the recent pivot low of 1,369, and 1,350,” it said in a note.
Meanwhile, Malacca Securities Research is taking a more optimistic view of the trading landscape as it anticipates further recovery towards the 1,400 psychological level.
It said the lower liners may continue to capitalise on the calmer market condition on the back of rotational play.
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“Meanwhile, investors’ attention may shift towards the upcoming FOMC minutes meeting mid-week to provide further clues over the pace of future interest rate hikes,” it added in its morning note.
At the start of trading, the benchmark FBM KLCI was down 0.11 points to 1,392.38 amid subdued trading activity.
There was little change among the leading heavyweight counters although Hong Leong Bank was seen picking up 18 sen to RM19.06.
Some early movers on the market included OM Holdings up five sen to RM1.55, Frontken rising five sen to RM3.16 and AME REIT gaining four sen to RM1.25.
Top actives were Tanco unchanged at 51.5 sen, Parkson up two sen to 21 sen and TWL flat at 3.5 sen.
– The Star