KUALA LUMPUR: The sell-down on the domestic market continued, taking its deeper below the 200-day simple moving average.
At 12.30pm, the key index was down 6.31 points to 1,558.45 amid the negative market sentiment, made weaker by the World Bank recently lowering the country’s GDP growth projection.
Malacca Securities Research expect the sideways trading to continue in the absence of a fresh catalyst and given the current economic and public health crisis.
“With the 1,565 support level broken, they key index may continue its pullback.
“The next support level is set at 1,555 while the resistance is envisaged around 1,580,” it said in note.
Dragging on the index, the glove sector continued to lose steam amid the increasing rate of global vaccination.
Top Glove dropped nine sen to RM4.36 and Hartalega shed 21 sen to RM7.79.
IHH Healthcare slumped 12 sen to Rm5.60 while Press Metal fell seven sne to RM4.73.
On the broader market recent Bursa debutant OM Holdings jumped 29 sen to RM3.96.
Top actives were MMAG up 0.5 sen to 16.5 sen, Fintec Global unchanged at 3.5 sen and Serba Dinamik down 3.5 sen to 56 sen.
Asian markets were mixed following the recent US Fed signals over future interest interest rate hikes.
Japan’s Nikkei was flat while South Korea’s Kospi rose 0.3%.
In China, the main inde was down 0.1% and Hong Kong’s Hang Seng was up 0.1%.
Australia’s ASX200 was down 0.2%.