KUALA LUMPUR: The range-bound trading on Bursa Malaysia is expected to continue as the external pressures continue to dampen maarket sentiment, even as investors digest Malaysia’s weak economic growth report.
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“The local market should continue to trade sideways, with rotational interest on utility and steel related stocks highlighting trading, but external concerns over China’s lacking stimulus to cushion its slowing economy and threat of further US rate hikes amid high inflation should check gains,” said TA Securities Research in a note.
The research firm said immediate chart supports are at the recent low of 1,433, and 1,420/1400, while resistance will be at the recent 1,464 high and 1,470, with next upside hhurdle from the 1,490, 1500 levels.
At the opening bell, the benchmark FBM KLCI was up a marginal 0.3 points to 1,450.87 as investors await fresh leads, including the raft of corporate results that are due out over the next few days.
Blue chips on Bursa Malaysia were slow to start although PETRONAS Cheimcals picke dup eight sen to RM6.98 and Tenaga Nasional slid six sen to RM10.08.
Press Metal was down three sen to RM4.76 while Sime Darby Plantation shed three sen to RM4.35.
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Some notable laggards included Ambank down four sen to RM3.73, extended its losses from the previous session after the release of its quarterly earnings.
YTL Power dropped four sen to RM1.76, QL Resources slid three sen to RM5.41 and United Plantation was down four sen to RM15.68.
Semiconductor-related counters tracked the rally on the Nasdaq overnight, including MPI up 56 sen to RM27.30, Vitrox gaining 12 sen to RM7.90 and MI Technovation up three sen to RM1.60.
MYEG gained 2.5 sen to 81.5 sen after its earnings announcement yesterday evening.
Top actives included Hong Seng down 0.5 sen to 5.5 sen, Talam gaining 0.5 sen to two sen and Ramssol jumping 3.5 sen to 39 sen.
– The Star