KUALA LUMPUR: The FBM KLCI opened into the last trading day of the quarter on a weaker note, as cautious investors held back amid ongoing external uncertainties.
The market bellwether fell 4.14 points, or 0.25% to 1,655.95 at 9.05 am. The index opened 1.8 points higher at 1,661.89.
Rakuten Trade anticipates an upward shift, driven by buying interest due to attractive valuations, improving economic conditions, and robust corporate earnings.
“Hence, we anticipate the benchmark index to range between 1,660 and 1,670 today,” it said.
Among the decliners, Nestle tumbled RM1.60 to RM103.40, Hong Leong Bank slid 20 sen to RM21.64, Dutch Lady
lost 18 sen to RM31.80 and Hong Leong Financial Group declined 18 sen to RM19.78.
On the other hand, Oriental Holdings rose 14 sen to RM7.70, Genting gained nine sen to RM4.21, Kuala Lumpur Kepong added eight sen to RM20.60 and Hong Leong Industries climbed eight sen to RM13.88.
Meanwhile, Inter-Pacific Research reckons that as 3Q2024 draws to a close, some window dressing activities may occur in the coming days. However, the potential for significant upside remains limited at this stage.
The research house said although the market’s undertone is still largely holding firm, meaningful upsides could still be elusive due to the lack of short-term impetuses.
As it is, the key index’s valuations are already fair after its strong year-to-date gains that have also largely reflected its fundamentals.
“Consequently, the tentative buying interest could still prevail and this may curtail the upside potential over the near-term with market players also scouring for new leads that could still the key index mostly on a rangebound trend between the 1,650 and 1,675 levels for the most part.
“For now, the targets are at 1,665 and 1,670 points, while the supports are at 1,654 and 1,651 points respectively,” Inter-Pacific said.
