Downtrend continues on Bursa Malaysia

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KUALA LUMPUR: Coming out of a three-day weekend, Bursa Malaysia noticed continued promoting stress begin as buyers looked for optimistic leads amid the heightened uncertainty and volatility.

At 9.10am, the FBM KLCI was down 3.39 factors to 1,498.35, unable to make any headway previous the 1,500 pscyhological degree.

US shares had ended final Friday on a adverse observe after a tumultuous week of buying and selling as buyers fled to the sidelines on fears of a the Omicron pressure of the Covid-19 virus. Meanwhile, disappointing US jobs information additionally weighed on the market sentiment, sparking worries over a slowing restoration.

Kenanga Research stated in its weekly report that there could also be a lull in information movement within the comiing week following the raft of company bulletins made in direction of the tip of the quarterly earnings reporting season.

“Of better curiosity are the event on the brand new Omicron variant as buyers will be predisposed to react to any information pertaining to the transmissability and severity of the infections going ahead,” it stated.

Meanwhile, the analysis agency’s technical studying remained adverse because the bourse builds on the its dropping streak of seven successive weeks.

“There will seemingly be a bit extra draw back to go based mostly on the falling momentum indicator.

“On the chart, towards a backdrop of prolonged adverse bias, an ensuing market rebound may set the stage for the formation of a double-bottom reversal sample as the important thing bellwether might discover a flooring round its most

latest trough of 1,484, a degree that was final examined in early August this 12 months.

“Our speedy assist threshold now stands at 1,475 whereas the support-turned-resistance hurdle is ready at 1,510. At 9.06am, the FBM KL was down 2.19 factors to 1,499.65, unable to make additional headway previous the 1,500 psychological degree.

On Bursa Malaysia, early decliners included Genetec down 90 sen to RM36.70, Sam Engineering falling 4 sen to RM20 and MPI dropping 30 sen to RM49.70.

QL Resources was seen leaping 10 sen to RM4.85 whereas Sptrizer gained 9 sen to RM2.04 and TAFI Industries rose eight sen to RM2.37.

Top actives have been Impiana Hotels up one sen to 9.5 sen, EA Holdings unchanged at two sen and VS Industry rising six sen to RM1.21.



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