KUALA LUMPUR (Dec 28): Inter-Pacific Securities Sdn Bhd said the near-term outlook remains positive, helped by the easing concerns over the Omicron variant that looks to be much less severe, even as it is more contagious.

In its daily bulletin on Tuesday (Dec 28), the research house said with the easing selling pressure, window dressing activities dominated trading instead as index heavyweights were chased up on thin volumes and allowing the key index to buck the region’s weaker trend.

It said much of the gains were contributed by healthcare stocks like Top Glove Corp Bhd and IHH Healthcare Bhd, while many lower liners and broader market shares also rose on mild bargain hunting.

Collectively, it said these activities helped market breadth to stay positive for the day.

Inter-Pacific said the gains in key global equity markets overnight could also provide some more upside impetus for Malaysian equities and window dressing activities are likely to continue ahead of the year-end.

Still, it said the follow through buying strength remains to be seen as market participation has been thin of late.

“At the same time, quick profit taking may also materialise that could temper some of the near-term upsides.

“Therefore, the market environment may become choppier following the strong gains over the past few sessions.

“The hurdles are now at 1,543 points, followed by the 1,550 level. The supports, meanwhile, are at 1,530 and 1,523 points respectively,” it said.

Inter-Pacific said similarly, the lower liners and broader market shares are also poised for further gains due to the calmer market undertone.

“However, their upsides could remain more modest due to the lesser market participation as most market players are still on their year-end break,” it said.