KUALA LUMPUR: There is caution on the domestic market as investors speculate on fresh monetary policy to mitigate the rising inflationary pressure.
At 9.05am, the FBM KLCI was down 1.42 points to 1,448.32. There were 132 decliners compared with 100 gainers, reflecting the overall weakness on the market.
Trading volume was 112.76 million shares compared with RM39.53mil.
According to Kenanga Research, the market may strive to find a firmer footing amid the cautious sentiment, and as investors move on from the bearish developments of the first half of the year.
However, major economic developments in the coming week continue to be driving factors of market sentiment.
"In the coming week, all eyes will be on Bank Negara Malaysia’s monetary policy committee meeting scheduled on Wednesday amid speculations that the policymakers may raise the Overnight Policy Rate to tame rising inflationary pressure.
"An update on the Malaysian economic fundamentals will also be available when the industrial production index report is released on Friday," said Kenanga.
Technically however, the FBM KLCI may build on the previous week's relief rally after snapping a five-day losing streak.
"Temporary foothold somewhere between our adjusted immediate support and resistance thresholds of 1,440 and 1,475.
"Beyond the near term, downside risks still outweigh upside potentials in the absence of apparent technical reversal signals," said Kenanga.
Trading was tepid among the blue chips with changes in Maybank up two sen to RM8.64, IHH down five sen to RM6.43 and Press Metal falling four sen to RM4.66.
Among telcos, Digi slid four sne to RM3.60 while Axiata gained one sen to RM2.84.
Meanwhile, Gamuda was up two sen to RM3.57 after announcing a RM1.97bil job win from Air Selangor on Friday.Top actives were Reach unchanged at 5.5 sen, Top Glove down two sen to 99 sen and MMAG unchanged at 5.5 sen.
转载说明:本文转载自Sunbet。 皇冠体育声明:该文看法仅代表作者自己，与本平台无关。转载请注明：Slow start on Bursa on ongoing inflation fears