KUALA LUMPUR (Oct 28): Inter-Pacific Research Sdn Bhd sees limited market movements over the near term due to the continuing wariness over the Covid-19 situation and the lack of new leads for market players to follow.

In its daily bulettin today, the research house said for the most part, the market’s condition is also indifferent after the recent selldown with weak buying impetus due to the lingering economic and political uncertainties that could keep most market players guarded for longer.

“Consequently, we think that the FBM KLCI is likely to remain rangebound with the key index set to linger around the 1,500 points level in relatively thin trading.

“The immediate support is at 1,490 points which is followed by the 1,480 level. Meanwhile, the resistances are at 1,508 and 1,520 respectively,” it said.

Elsewhere, Inter-Pacific Research said the broader market and lower liners could see the mixed trading trend continuing as they attempt to find some near-term support after the recent weakness.

“Even so, we think that following on these stocks could be thinner as there is also wariness among retail players that could temper fresh buying interest for the time being,” it said.