Mild bounce on FBM KLCI as underlying sentiment remains cautious

Estimate Reading Time: < 1 minute

KUALA LUMPUR: Following a mixed performance on Wall Street overnight, the domestic market is expected to drift sideways amid negative market sentiment.

According to TA Securities Research, there is near-term downward bias with stocks being dragged lower by worries over the US banking sector and recession risks.

The US Federal Reserve is scheduled to announce its interest rate decision at the conclusion of its Federal open Market Committee meeting next year, which is expected to keep investors on tenterhooks until then.

“Key index 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 1,457, with 1,480 and 1,500 acting as stronger resistance levels,” said the research firm in a note.

At the opening bell, the FBM KLCI was up 2.19 points to 1,416.44 as investors picked up some bargains following the previous session’s sell-off.

Helping to support the index, there was some bounce in the bank sector with Maybank rising two sen to RM8.63, Public Bank gaining one sen to RM3.90, CIMB adding two sen to RM5.07 and Hong Leong Bank rising two sen to RM20.08.

Press Metal rose four sen to RM5.08 and Tenaga Nasional was up four sen to RM8.86.

Top actives included Cassita rising three sen to 19 sen, Kronologi up 2.5 sne to 61 sen and Vinvest adding 0.5 sen to 20.5 sen.

Star Media remained actively traded, sliding 1.5 sen to 60 sen as investors took profit from the previous session’s surge. – The Star

Comments (0)
Add Comment

Notice: ob_end_flush(): failed to send buffer of zlib output compression (0) in /home/capitalp/public_html/wp-includes/functions.php on line 5373