KUALA LUMPUR: The domestic market remains range-bound as key domestic and external economic data are scheduled to be announced later this week.
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At the opening bell, the benchmark FBM KLCI was down 2.16 points to 1,431.58.
According to TA Securities Research, stocks should stay mostly range-bund with downside cushioned by banking stocks following the recent overnight policy rate increase, and as investors await core inflation data from the US.
“Key index chart supports remain the recent low of 1,391 and last October’s low of 1,372, while immediate overhead resistance stays at 1,450, followed by the leveling 200-day moving average at 1,456, with 1,480 and 1,500 acting as stronger resistance levels,” it said in a market commentary.
Malacca Securities Research said in its own report that the upside may be sustained following the Fed’s comments on a steady interest rate, which could be hinting at a pause on rate hikes at least for the near term.
However, it expects the upside to be capped ahead of the US inflation report.
On the blue-chip index, there was some profit-taking in the early minutes of trade with bank stocks stepping back.
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Maybank dropped two sen to RM8.74, Public Bank slid one sen to RM4, CIMB shed one sen to RM5.15 and Hong Leong Bank fell six sen to RM20.20.
PETRONAS Chemicals was down three sen to RM7.14 while MISC dropped five sen to RM7.31 and IHH fell four sen to RM5.85.
In the technology sector, MI Technovation dove 13 sen to RM1.41 following a disappointing first-quarter earnings result.
D&O Green Technologies shed five sne to R4 and Vitrox dropped five sen to RM7.81.
Market debutant Autocount Dotcom was the top active of the day, surging 76 sen to RM1.09 at the opening bell.
Hong Seng was down 0.5 sen to 11.5 sen and Salutica rose five sen to 97.5 sen. – The Star