Telegram群组（www.tg888.vip）:Bursa Malaysia likely to trend sideways during the week
KUALA LUMPUR: Bursa Malaysia is expected to trade sideways this week, with the benchmark FBM KLCI to move between the 1,460 to 1,480 level amid the uncertain regional performance, an analyst said.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said technically, the FBM KLCI should see immediate support at 1,460 while resistance at 1,500.
He said the short-term FBM KLCI market sentiment is reckoned to remain jittery as investors remained cautious due to persisting worries about inflation and the tighter policy stance of global central banks.
“We advise investors to stay alert for bargain hunting opportunities,” he told Bernama.
UOB Kay Hian Wealth Advisors Sdn Bhd head of wealth research and advisor Mohd Sedek Jantan said the short trading week started positively following a positive performance on Wall Street last week coupled with an unexpected moderation in Chinese inflation data to 2.5% in August from 2.7% previously and an easing in European natural gas prices.,
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“FBM KLCI started the week slightly higher with energy and banking stocks leading the gainer,” he said.
However, he said the bourse momentum was getting slower on Tuesday due to profit-taking, despite the positive performance in the United States market, and investors awaiting the US inflation report for August.
“As the US consumer price index report came in 0.1% higher over last month, and 8.3% year-over-year versus expectations of an 8.1%, it has pushed a sizeable sell-off.
“The negative sentiment spike market volatility and pushed the FBM KLCI to close lower with the regional market,” he said.
As such, he said a slower recovery in FBM KLCI is expected next week, pending the US Federal Reserve’s decision.