Thursday 28 Mar 2024
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KUALA LUMPUR (Nov 18): Inter-Pacific Securities Sdn Bhd said the market’s indifference is likely to persist for the foreseeable future as there is still a shortage of leads to encourage greater market participation.

In its daily bulletin on Thursday (Nov 18), the research house said the FBM KLCI was again listless as it trended within a tight range due to the lack of catalysts, even as it managed to end the day on a positive note on Wednesday.

It said that for the most part, trading was lackluster, and it was a last-minute pickup on selected index heavyweights that allowed the key index to end higher.

The lower liners and broader market shares, on the other hand, saw increased selling that caused market breadth to stay decidedly negative, it said.

Inter-Pacific said as it is, there are still lingering uncertainties over the market’s direction with concerns over corporate earnings performance in 2022 as well as the impending increase in equity transaction cost keeping most market players disinterested.

“At the same time, there are also few outperformances in the ongoing results reporting season to lift the interest of market players.

“Therefore, the key index is likely to remain rangebound for now, trending with the 1,520 and 1,530 levels over the near term.

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

Inter-Pacific said that meanwhile, the downside pressure also looks to stay among the lower liners and broader market shares following Wednesday’s selling.

“There appears to be little reprieve for these stocks as fresh buying interest remains light, and this could still see their weakness continuing for the time being,” it said.

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