KLCI down marginally as stocks trade within tight range in line with region

TheEdge Tue, Feb 20, 2024 09:34am - 2 months View Original

KUALA LUMPUR (Feb 20): Stocks on Bursa Malaysia retreated slightly in early trade on Tuesday, as the stocks traded within a tight range, mirroring regional markets.

At 9.05am, the FBM KLCI had shed 0.04% or 0.64 point to 1,537.97.

The top decliners in early trade included Malaysian Pacific Industries Bhd, Allianz Malaysia Bhd, Frontken Corp Bhd, Tune Protect Bhd, IOI Properties Group Bhd and MBM Resources Bhd.

The early gainers included United Plantations Bhd, Dialog Group Bhd, Petronas Gas Bhd, Westports Holdings Bhd and British American Tobacco (Malaysia) Bhd.

The actives included TWL Holdings Bhd, Minetech Resources Bhd, Bina Puri Holdings Bhd and Dialog Group Bhd.

Inter-Pacific Research Sdn Bhd said despite the already toppish market conditions, the KLCI had stayed relatively resilient of late, aided by the continuous foreign buying interest and rotational interest on selective index-linked stocks.

In its daily bulletin on Tuesday, the research house said that for now, there are few signs of the buying interest abating and the near-term upsides could look to prolong.

“This is despite the availability of few domestic impetuses, but with little selling pressure, the key index is able to solidify its position above the 1,500 level.

“Although there could be further upside ahead, the gains may become more modest, due to the slightly overbought conditions with the targets now raised to 1,540-1,543 points, followed by the next psychological level at around the 1,550 level.

“On the other hand, the supports are at 1,527-1,533 and 1,520 points respectively,” it said.

“We also see the lower liners staying relatively steadfast for now, riding on the continuing buying interest that is also preserving much of the current market strength. Nevertheless, buying interest has thinned due to the lack of leads,” it said.

Meanwhile, Bloomberg said Asian stocks held to tight ranges on Tuesday, as investors awaited fresh catalysts after US markets were closed for a holiday on Monday.

Australian stocks fell, weighed down by BHP Group after the miner missed profit estimates, while Japanese stocks advanced slightly. Futures contracts for Hong Kong shares edged higher, while contracts for US equities were mostly unchanged after Monday’s holiday.

A gauge of global stocks sat just 1.1% from its peak after the S&P 500 set a fresh record last week, while the region-wide Euro Stoxx 50 traded near a two-decade high.

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