2 weeks Ago
KUALA LUMPUR: The FBM KLCI remained flat in early Friday trade as ongoing concerns about U.S. interest rates, rising bond yields, China’s uncertain economic outlook, and a lack of local catalysts weighed on market direction.
The FBM KLCI added 0.13 points, or 0.01%, to 1,632.
36 at 9:15 am. The index opened up 0.79 points at 1,633.
02. Inter-Pacific Research said with buying interest remaining thin, market conditions are also likely to stay insipid heading into the weekend. “Although key global indices recovered overnight, the positivity may not extend to stocks on Bursa Malaysia as the directionless trading environment will continue to dominate the trading environment, leaving the FBM KLCI to continue drifting,” it said.
The ongoing concerns over U.S. interest rates, spike in bond yields and China’s uncertain economic outlook, coupled with the lack of domestic leads, will continue to weigh on the FBM KLCI’s direction.
“Consequently, the key index could now linger within the 1,630 and 1,640 levels for now as it attempts to find a base at lower levels. Beyond these levels, the support and resistances are at 1,625 and 1,645 points respectively,” Inter-Pacific said. The research house also sees the broader market shares remaining mostly listless, which could preserve their drifting trend for now.
“As it is, most retail players are still on the sidelines and their lack of participation will still dampen their near-term performance,” it added. Overnight, the Dow Jones Industrial Average fell 0.33% to 42,374.
36, the S&P 500 gained 0.21% to 5,809.86 and the Nasdaq Composite gained 0.
76% to 18,415.49. On Bursa Malaysia, Nestle fell 30 sen to RM102.
20, Carlsberg lost 18 sen to RM19.62, Bursa Malaysia gave up 10 sen to RM9.10 and ViTrox declined nine sen to RM3.
36. United Plantations rose 38 sen to RM26.78, Tenaga Nasional gained 14 sen to RM14.
50, Gas Malaysia added eight sen to RM4 and Gamuda climbed eight sen to RM8.49..
