KUALA LUMPUR: The FBM KLCI remained locked in a sideways path on Monday amid an absence of buying and selling path as main markets have been closed final Friday for a vacation.
At 9.05am, the important thing index was down 2.82 factors to 1,586.19 because the adverse sentiment over rising US rates of interest and the Ukraine-Russia warfare continued to weigh.
“Because the Malaysian bourse stays in a sideways vary, ready to seek out future path, its draw back threat nonetheless outweighs upside potential shifting ahead,” mentioned Kenanga Analysis in its weekly technical outlook.
The analysis agency famous that the index remained in a transitory part however the adverse technical momentum is predicted to weigh on its efficiency going ahead.
“The FBMKLCI might face downward bias amid a range-bound sample, most likely backing off farther from the support-turned-resistance hurdle of 1,600.
“Our quick assist threshold now stands at 1,550,” it mentioned.
Among the many blue chips, Maybank slipped three sen to RM8.76, Public Financial institution dropped two sen to RM4.65 and Press Metallic shed six sen to RM6.46.
MISC dropped seven sen to RM7.57, Petronas Chemical substances misplaced 4 sne to RM10.28 and Digi slid one sne to RM3.84.
Cengild Medical made its debut in the marketplace with a constructive reception. On the time of writing, the inventory was up 15.5 sen to 48.5 sen on the again of 51 million shares traded, making it the highest traded counter.
Different actives included Technax up 0.5 sen to 10 sen and VC dropping 0.5 sen ot 18.5 sen.