KUALA LUMPUR (Sept 20): Inter-Pacific Securities Sdn Bhd said it still sees market sentiments remaining dour and this could prolong the market’s uncertain outlook over the near term.

In its daily bulletin today, the research house said there was still little reprieve for Malaysian equities as the downside pressure sent most stocks lower last Friday, extending the key index’s losing streak for a sixth day.

It said sentiments remained indifferent amid the lack of leads with glovemaker stocks slipping further after Top Glove Corp Bhd reported lower earnings.

The research house said although technology stocks bucked the weaker trend, conditions elsewhere were insipid with most broader market shares also retreating, leaving losers still ahead of gainers for the day.

“As it is, there remains few catalysts for market players to follow with talks of a windfall tax and interest waiver for loans moratorium also looking to leave a cautious undertone until there is further clarity on the issues.

“This could also mean Malaysian equities could drift further, particularly after it slipped below the 1,550 support-turned-resistance level last Friday as we still see most market players treading cautiously.

“The supports are now pegged at 1,540 and 1,533 points respectively, while the other resistance is at the 1,560 level,” it said.

Inter-Pacific said it still sees the mixed conditions among the lower liners and broader market shares prolonging due to the lack of firm leads for smaller market players to follow.

“Although the downside risk still prevails, however, there are also bouts of support to mitigate some of the selling pressure and this could help to sustain the broadly sideway trend for the time being,” it said.