Will the FBM KLCI stay within 1,640-1,650 levels?

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The FBM KLCI is expected to remain within the 1,640 to 1,650 range in the near term.

Shares on Bursa Malaysia opened with a slight increase this morning but subsequently eased due to a lack of buying momentum. The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) index saw a marginal retreat, closing at 1,641.73 from its previous close of 1,641.81. The index had initially opened 1.86 points higher at 1,643.67.
Expected Trading Range

Malacca Securities Sdn Bhd anticipates the key index will continue to trade within the 1,640 and 1,650 levels for the time being. This forecast is based on the prevailing market sentiment, which is influenced by profit-taking activities observed on the previous Friday and a scarcity of compelling domestic leads that could drive a sustained uptrend.
Support and Resistance Levels

Beyond the primary trading range, the FBM KLCI has identified further technical levels. The immediate support is situated at the recent low of 1,638, while the resistance level is noted at 1,657. These figures provide additional reference points for market participants observing the index's movements.
Broader Market Performance

On a broader scale, the market saw more gainers than decliners, with 230 counters advancing and 109 declining, while 179 remained unchanged. Turnover for the morning session reached 243.8 million shares valued at RM86.3 million. Several heavyweights, including Nestle, KLK, BAT, and PPB, recorded gains, indicating selective buying interest among larger-cap stocks.

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Will the FBM KLCI stay within 1,640-1,650 levels?

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