KUALA LUMPUR (Nov 23): Inter-Pacific Securities Sdn Bhd said there is still a lack of market impetus, and this could leave the market directionless over the near term.

In its daily bulletin on Tuesday (Nov 23), the research house said that once again, the key index made little headway as fresh buying interest remains thin, despite the prospects of an early General Election following the Melaka state election.

It said as it is, there were still few leads to draw market players and as a result, traded volumes continue to fall and slipping to just 2.45b shares - its lowest in 2021.

It said the broader market was also directionless and became broadly lower to result in losers still overwhelming gainers for the day.

Inter-Pacific said fresh buying interest remain anemic with the ongoing results reporting not providing the much-needed catalysts to attract more market players back to the market.

“Therefore, the wait-and-see stance is likely to prolong and keep the FBM KLCI trapped within a tight range for the time being, hovering between the 1,520 and 1,530 levels over the near term.

“The other support and resistance levels are at 1,515 and 1,540 points respectively,” it said.

Inter-Pacific said the lower liners and broader market shares are also experiencing low participation, and this is likely to prolong their insipid outlook.

“With few positive leads, the selling and profit taking activities could also stay and leave most of these stocks lower for the time being,” it said.