Market turns to profit-taking after four days of gains

TheStar Tue, Aug 02, 2022 09:17am - 1 year View Original


KUALA LUMPUR: There was some profit-taking in early Tuesday trade on the back of the recent rally, although analysts say the market undertone remained positive.

At 9.05am, the FBM KLCI was down 1.73 point to 1,500.34.

Following the breach of the 1,500-point level in the previous session, Malacca Securities Research said the technical indicators remained positive with the MACD histogram extending a positive bar and the RSI trading above 50 points.

"Next resistance is pegged at 1,530, while the support is set along 1,410-1,460," it said in ite technical outlook.

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