The range-bound motion on the market is projected to continue for the time-being in the absence of buying catalysts, says Kenanga Research.
"Technically speaking, following its climb from a recent low of 1,391 in mid-March 2023 to be back to where it was in the first half of March, the FBM KLCI may strive to carry on the rising momentum ahead. "Beyond the near term though, a continuation of the upward trajectory remains doubtful at this juncture as the 50-day SMA is still treading below the 100-day SMA. We are keeping our first support threshold at 1,395," it said in its weekly review.
There was conservative price movement on the blue-chip index with the banks pulling back slightly, including Maybank down two sen to RM8.69, Public Bank falling two sen to RM3.97 and Hong Leong Bank rising two sen to RM20.10.