Apex Securities Bhd head of research Kenneth Leong reckoned the FTSE Bursa Malaysia KLCI (FBM KLCI) could find stability as bargain-hunting activities may emerge over the near-term.
“Investors may also monitor the US unemployment data to be released tomorrow night to gauge the health of the world’s largest economy,” he told Bernama.
With the FBM KLCI attempting to find stability along the support level of 1,413, Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said, any recovery will be measured towards the near-term resistance at 1,424.
“Should it be unable to hold at the 1,413 level, further correction may send the key index towards the next support at 1,395,” he said.
At 5pm, the FBM KLCI eased 0.24 of-a-point to 1,415.60 from yesterday’s closing of 1,415.84.
The index, which opened 2.4 points lower at 1,413.44, moved between 1,412.17 and 1,420.61 during the day.
However, market breadth was positive with gainers outpacing decliners 453 to 355, while 503 counters were unchanged, 977 untraded and 15 others suspended.
Turnover increased to 3.11 billion units worth RM2.25 billion from 3.02 billion units worth RM2.23 billion yesterday.
Among heavyweight counters, Maybank gained three sen to RM8.76, CIMB added one sen to RM5.41, Petronas Chemicals was flat at RM7.10 and Public Bank shed one sen to RM4.04.
Of the actives, KNM edged up one sen to 17.5 sen, Sarawak Consolidated firmed two sen to 49.5 sen, Ekovest improved 0.5 sen to 54 sen, Boustead Plantations perked 13 sen to RM1.40, and UEM Sunrise slid 3.5 sen to 78.5 sen.
On the index board, the FBM Emas Index shaved 0.05 of-a-point to 10,493.79, the FBMT 100 Index trimmed 2.47 points to 10,162.29, and the FBM Emas Shariah Index dropped 1.84 points to 10,780.24.
The FBM 70 Index eased 6.62 points to 13,990.07 and the FBM ACE Index weakened 8.78 points to 5,111.64.
Sector-wise, the plantation index inched up by 11.78 points to 6,837.61 and the financial services index increased 31.54 points to 15,863.67, while the energy index retreated 8.78 points to 849.27 and the industrial products and services index slid 0.2 of-a-point to 169.91.
The Main Market volume increased to 2.06 billion units worth RM2.02 billion from 1.92 billion units worth RM1.96 billion yesterday.
Warrants turnover dropped to 291.8 million units valued at RM34.6 million against 318.23 million units valued at RM41.74 million previously.
The ACE Market volume shrank to 730.9 million shares worth RM193.29 million from 785.42 million shares worth RM231.29 million previously.
Consumer products and services counters accounted for 254.43 million shares traded on the Main Market, industrial products and services (394.02 million); construction (156.71 million); technology (135.23 million); SPAC (nil); financial services (108.41 million); property (269.06 million); plantation (102.13 million); REITs (10.25 million), closed/fund (50,000); energy (430.89 million); healthcare (51.33 million); telecommunications and media (29.91 million); transportation and logistics (64.37 million) and utilities (59.65 million).