Friday 29 Mar 2024
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KUALA LUMPUR (Nov 17): Inter-Pacific Securities Sdn Bhd said the market is still very much on a wait-and-see stance with the lack of direction causing most market players to stay on the sidelines.

In its daily bulletin on Wednesday (Nov 17), the research house said the FBM KLCI went nowhere overnight with mild buying support helping to keep it near the 1,520 support level.

It said that for the most part, however, the market was directionless due to the lack of leads and stocks were mostly on a drifting mode.

At the same time, it said market breadth remained negative as many of the lower liners and broader market shares, particularly construction stocks, succumbed to profit taking activities.

Meanwhile, market participation remained at the low levels, it explained.

Inter-Pacific said consequently, the sideway trend looks to continue for the time being as fresh buying interest looks to remain on a low gear for now.

It said new leads are also still far-and in-between to draw more market players and there will only be nibbling on selected stocks which will be insufficient to provide the much needed lift to the market.

“Meanwhile, the ongoing results reporting season has yet to provide many outperformances and is unlikely to provide significant catalyst to the market’s near-term performance.

”As such, the key index is likely to stay rangebound within the 1,520 and 1,530 levels for the time being.

“The other support and resistance levels are at 1,515 and 1,540 points respectively,” it said.

Inter-Pacific said there is no change to its view on the lower liners and broader market shares and they are also likely to remain sideways for the time being.

“Following on these stocks are still low and as a result, there is also little room for significant upsides,” it said.

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