Local market sentiment remains subdued due to the lack of fresh leads, with the FBM KLCI expected to remain choppy in the near term.
The key index is attempting to reclaim the 1,600 psychological level amid weak recovery signals and softer global market performance.
Trading activity is expected to stay muted ahead of the mid-week festive break, with trading volume already declining to 2.37 billion shares. Investors are eyeing Malaysia’s PPI data and US new home sales data today.
Sector Focus:
• Renewable Energy (RE): Anticipation of the LSS5 announcement next Monday could boost trading interest in RE-related stocks.
• Finance: Gains may continue following the sector’s recovery from a five-day losing streak.
Technical Outlook: The FBM KLCI formed a bullish candle after briefly testing the SMA200 level. Indicators remain bearish, with the MACD Line below the Signal Line and RSI under 50. Key levels to watch:
• Resistance: 1,625
• Support: 1,570
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