KUALA LUMPUR: There could be some slight pullback on the domestic market following its recent strong gains and the market looks ahead to upcoming domestic developments.
According to Malacca Securities Research, the market has performed relatively well in recent days to hold above the 1,400 level, backed by fresh buying from foreign institutional participants.
“Although there was a bout of positive signs on the local bourse, the lower liners are expected to see a consolidation as market participants may trim their holdings ahead of the upcoming states election,” it said in a note.
Following the US Federal Reserve’s overnight decision to raise interest rates by a further 25 basis points, market expectations are now for a pause in any further hikes, which the research firm said is positive for the equities markets.
“Still, we are cautious over the extended rally and it may warrant a mild pullback over the near term,” it added.
At the open, the benchmark FBM KLCI was down 1.63 points to 1,447.66, with there was a tussle between profit-takers and those optimistic over the 13-day winning streak recorded on the Dow Jones overnight.
Maybank was up one sen to RM9.01, Press Metal rose three sen to RM5.03 and IOI gained three sen to RM4.17.
PETRONAS Chemicals meanwhile added four sen to RM7.04 while Tenaga Nasional edged one sen higher to RM9.61.
Laggards included CIMB down four sen to RM5.44, Nestle shaving 40 sen to RM131.70 and PETRONAS Gas sliding two sen to RM17.08.
Stocks getting strong buying interest included AirAsia X jumping 11 sen to RM1.91, UOA Development climbing six sen to RM1.82 and Aeon Credit rising 12 sne to RM12.
Top actives included Advance Synergy up 0.5 sen to 16.5 sen, Sasbadi adding 0.5 sen to 21.5 sen and Jaks Resources adding one sen to 21 sen.
– The Star