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1. Bursa Malaysia midday trading
2. Cautious sentiment stocks
3. Market slip analysis
Bursa Malaysia slips at midday amid cautious sentiment
Bursa Malaysia closed lower at midday as cautious sentiment affected buying trends due to the absence of market-moving factors. The FBM KLCI fell 2.80 points to 1,607.37, with losers outnumbering gainers. Among the losers were PETRONAS Gas, Dayang, Malaysian Pacific Industries, and Press Metal. On the other hand, PIE Industrial, Nestle, KESM, and Ajinomoto saw gains. Stocks are expected to trade sideways ahead of the long weekend break for the Hari Raya Haji holiday. Immediate index supports are at 1,602, with resistance at 1,632. Rakuten Trade believes stock accumulation will continue, with a target of 1,730 for 2024.
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Bursa Malaysia slipped at midday amid cautious sentiment, impacting buying trends as the market lacked any significant factors to drive movement. The FBM KLCI fell by 0.17% to 1,607.37, with losers outnumbering gainers as the bears took control of the market. The broader market saw 612 stocks ending lower compared to 476 stocks finishing higher, indicating a shift towards negative sentiment.
Among the losers were PETRONAS Gas, Dayang, Malaysian Pacific Industries, and Press Metal, while PIE Industrial, Nestle, KESM, and Ajinomoto saw gains during midday trading. Volume was recorded at 3.4 billion shares valued at RM2.03bil, reflecting the cautious approach of investors in the current market environment.
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TA Securities highlighted the sideways trading expected ahead of the long weekend break due to the upcoming Hari Raya Haji holiday and the focus on the Bank of Japan’s monetary policy decision. The immediate index supports were identified at 1,602, with resistance levels at 1,632, 1,640, 1,660, and 1,680. Rakuten Trade noted the continuation of stock accumulation and revised their 2024 target for FBM KLCI to 1,730.
As investors navigate through the cautious sentiment, the market remains uncertain with potential upside hurdles and support levels. The accumulation of stocks is expected to continue as earnings growth projections are upgraded for the coming years. With a focus on market trends and potential policy decisions, investors are advised to remain vigilant and strategic in their trading decisions.
Looking ahead, the FBM KLCI is expected to trend within the 1,610-1,620 range, offering opportunities for traders to capitalize on short-term movements. The market sentiment may shift based on external factors and economic indicators, emphasizing the importance of staying informed and adaptable in the ever-changing market landscape.
In conclusion, the midday slip in Bursa Malaysia reflects the cautious sentiment prevailing in the market, with investors treading carefully amidst uncertain conditions. By staying informed, strategic, and adaptable, traders can navigate through the challenges and opportunities presented by the current market dynamics. As the market continues to evolve, it is essential to remain proactive and responsive to changes to make informed trading decisions.
