KUALA LUMPUR: Investors held on to hope for a rebound on Thursday following six straight days of decline resulting from an absence of positive market leads.
At the start of Thursday trading, the FBM KLCI was up 1.14 points to 1,451.34 as investors moved sideways near the psychological support of 1,450 in search of trading direction.
At 9.13am, the index was down 1.54 points to 1,448.66
Equities may be faced with an uphill battle today as Wall Street put in a negative performance on the back of hawkish comments from a Federal Reserve official while inflation data from Germany pointed towards more rate hikes.
"Stocks should continue to trade sideways with downward bias in the near-term, clouded by worries global interest rates and inflation could stay elevated for a prolonged period," said TA Securities Research in its market commentary.
"Immediate index support stays at 1,440, with stronger supports at 1,420 and 1,400.
"Significant overhead resistance is at 1,500, then 1,512, with the last August high near 1,528 as stronger resistance, followed by 1,550 and 1,570 as tougher upside hurdles."
According to Malacca Securities Research, electric vehicle (EV)-related counters may be in focus following the government's approval on Tesla's application to import battery EVs into Malaysia.
The research firm also likes the energy and plantation counters, as well as renewable energy, on the back of firmer commodities prices.
Losing weight at in early trading, UWC fell eight sen to RM3.92, IHH falling seven sen to RM5.64 and Cypark sliding 5.5 sen to 93 sen.
Banks were also down with CIMB falling six sen to RM7.14, Maybank dropping one sne to RM8.77 and RHB sliding one sen to RM5.69.
MISC rose 13 sen to RM7.56, PPB gained 26 sen to RM17.76 and PETERONAS Gas gained two sen to RM16.56.
Leading the actives, Jade Marvel rose one sen to 31 sen, Iris added 0.5 sen to 11.5 sen and Fitters dropped 0.5 sen to 9.5 sen.
