Sideways drift to continue on lack of market leads

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KUALA LUMPUR: The domestic market is expected to continue drifting sideways following a flat performance in the previous session and mild gains on Wall Street overnight.

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At the start of trading, the benchmark FBM KLCI was up 0.57 points to 1,435.47, as investors remained sluggish ahead of the coming Hari Raya Aidilfitri holidays and a lack of trading leads to spur activity.

According to TA Securities Research, stocks are likely to extend sideways drift pending more significant domestic market leads, and signs of peaking inflation to lift investor sentiment.

“Immediate index resistance remains at 1,450, followed by the 200-day moving average level at 1,457, with 1,500, and then 1,512 acting as stronger resistance levels. Key chart supports will be the recent low of 1,391, and last October’s low of 1,372,” it said in a note.

There was a slow start on Bursa with many of the FBM KLCI blue chips remaining untraded or little changed.

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Bank stocks were mixed with Maybank down three sen to RM8.67, Public Bank up one sen to RM3.98 and CIMB falling one sen to RM5.25.

PETRONAS Chemicals was down three sen to RM7.37 and Tenaga Nasional slid three sen to RM9.15.

Among gainers, MPI rose 10 sen to RM28.50, Kuala Lumpur Kepong gained six sen to RM21.60 and Sime Darby Plantation added four sen to RM4.25

Top actives included Hong Seng unchanged at 14 sen, Dataprep up two sen to 25 sen and SMRT jumping 3.5 sen to 68 sen. – The Star


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