Market is likely to stay guarded over near-term, says Inter-Pacific

Market is likely to stay guarded over near-term, says Inter-Pacific
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KUALA LUMPUR (March 9): Inter-Pacific Securities Sdn Bhd said with sentiments remaining unsettled, the market is likely to stay guarded over the near-term that could also prolong the FBM KLCI’s downside bias.

In its daily bulletin Wednesday, the research house said the selling could still dominate trades as market players continue to take a defensive stance and may continue to exit stocks that have made significant headway in the past month, particularly commodities-related stocks.

It said that at the same time, the key index has breached successive technical support levels, and this has extended the weakness trend with few signs of a reprieve as yet.

“Under the prevailing environment, there could be more weakness over the near term with the supports now pegged at 1,542 and 1,533 points respectively.

“The 1,550 level is the immediate resistance, followed by the 1,555 level,” it said.

Inter-Pacific said the lower liners and broader market shares have yet to find reprieve and their weakness is set to also continue over the near term.

“As it is, market players are still wary over the market’s near-term direction which could leave more market players on the sidelines for longer,” it said.