KUALA LUMPUR (Sept 15): The FBM KLCI is expected to remain lacklustre today with immediate support at 1,780.

Rising shares of Boeing pulled the Dow Jones Industrial Average up to a record high on Thursday, while the S&P 500 fell as investors saw higher-than-expected inflation increasing the chances of an interest rate hike, according to Reuters.

The Dow’s third consecutive all-time high was driven in part by Boeing BA.N, which rose 1.36 percent after Deutsche Bank raised its price target on the aerospace and defense stock, it said.

The Dow .DJI rose 0.2 percent to end at 22,203.48 points, while the S&P 500 .SPX lost 0.11 percent to 2,495.62.The Nasdaq Composite .IXIC dropped 0.48 percent to 6,429.08, hurt by a 0.86-percent decline in Apple, said Reuters.

AllianceDBS Research in its evening edition Thursday said dampened by the down close in the preceding day, the FBM KLCI had on Sept 14 traded lower to 1,780.79 as market participants continued to play on the selling side in anticipation of a lower market.

It said in the absence of stronger buying interest, the benchmark index was in the red throughout most of the trading sessions before settling at 1,781.37 (down 4.70 points or 0.26%).

“In the broader market, losers outnumbered gainers with 492 stocks ending lower and 397 stocks finishing higher. That gave a market breadth of 0.80 indicating the bears were in better control,” it said.

AllianceDBS Research said the market saw follow through selling interest on Sept 14 which took the benchmark index down to the low of 1,780.79.

“So, the upside breakout of 1,788 we saw on 12 & 13 Sep 2017 were believed to be a test to gauge the willingness on the part of market participants to commit on the buying side.

“The fall back below the 1,788 level on 13 Sep 2017 after reaching a high of 1,793 on a settlement basis apparently indicated that many market participants were not convinced of the market strength displayed at this juncture.

“A small consolidating platform between 1,775 and 1,793 is thus expected in the coming few days. Of course, market participants would continue to look at the demand supply equation for guidance to trade the market again,” it said.

The research house said following the down close on Sept 14, there should be selling attempt again with immediate support at 1,780.

It said a fall below 1,780 would put pressure on the market to test the subsequent support zone, 1,770 – 1,775.

“The analysis of overall market action on Sept 14 revealed that buying power was weaker than selling pressure.

“As such, the FBM KLCI would likely trade below the 1,780.79 level on Sept 15,” said AllianceDBS Research.

Based on corporate announcements and news flow yesterday, stocks in focus today may include: Straits Inter Logistics Bhd, Tenaga Nasional Bhd, Astro Malaysia Holdings Bhd, MAA Group Bhd, Magni-Tech Industries Bhd, Sunway Construction Group Bhd, G3 Global Bhd, AWC Bhd, AbleGroup Bhd, TRC Synergy Bhd, Bina Puri Holdings Bhd, 7-Eleven Malaysia Holdings Bdh, CB Industrial Product Holding Bhd, EcoWorld Development Bhd and Eco World International Bhd.