KUALA LUMPUR: There could be some sideways movement on the domestic market as the Chinese New Year festive period approaches even as investors turn their attention towards further economic developments.
Apex Securities Research said the FBM KLCI has stabilised above the 1,500 psychological level, and could extend the sideways trend above the support.
Meanwhile, investors could turn more defensive on the lower liners as they experience renewed volatility.
“Economic wise, investors will be keeping a close tab onto the release of China, Eurozone and US services PMI data to be release later today.
“Back home, the market will monitor economic announcements this week such as IPI, retail sales and unemployment data,” said Apex in a statement.
At the open, the benchmark FBM KLCI was down 0.67 points to 1,515.91.
Decliners included Tenaga down 10 sen to RM10.876, YTL Power falling six sen to RM3.88, Hong Leong Bank sliding 22 sen to RM19.02 and Axiata shedding four sen to RM2.68.
Top actives included TWL unchanged at four sen, Sapura Energy up 0.5 sen to 8.5 sen and KNM down 0.5 sen to 8.5 sen.
-TheStar