KUALA LUMUPR: Rising geopolitical instability triggered by new developments in the Russian conflict and worries over China’s economic growth are keeping global investors to the sidelines, even as Wall Street chalked up another day of profit-taking following the Federal Reserve’s indication of more rate hikes this year.
At the opening bell, Bursa Malaysia’s key index was up 0.99 points to 1,390.87, hovering just above the 21-day simple moving average as investors await some fresh catalyst to end the consolidation mood.
Upcoming announcements that are keenly anticipated include the Fed’s interest rate decision in July as well as the release of the US first-quarter gross domestic product on Thursday.
TA Securities Research said in its daily market note that the FBM KLCI should trade sideways with a downside bias amid the external concerns.
“Key chart supports for the index remains at the recent pivot low of 1,369, and 1,350. Immediate overhead resistance stays at 1,400, with 1,420, followed by the 200-day moving average at 1,443, acting as stronger resistance levels,” it said.
On the FBM KLCI, Press Metal rose four sen to RM4.75 while Kuala Lumpur Kepong gained 10 sen to RM22.20.
Maybank was up two sen to RM8.72, Public Bank added two sen to RM3.88 and CIMB edged one sen higher to RM5.20.
Meanwhile, IJM rose four sen to RM1.54 after it said it secured a RM653.6mil award for the construction of Phase 1 of the Shah Alam International Logistics Hub.
Yongtai gained 3.5 sen to 47 sen and Gas Malaysia climbed three sen to 3.03.
Top actives included Sapura Energy gaining 0.5 sen ot four sen, DGB unchanged at one sen and SCIB up 0.5 sen to 44 sen.
– The Star