KUALA LUMPUR (Nov 8): Inter-Pacific Securities Sdn Bhd said the near-term market outlook appears to remain indifferent as market players await the emergence of new catalysts to give it a new direction.
In its daily bulletin today, the research house said Malaysian stocks managed to end the week virtually unchanged after the key index hovered in negative territory for much of Friday with support of late buy supporting the key index at the end of the trading session.
He said that although conditions were largely mixed, the Tech Index emerged as the biggest winner of the day, but the total losers were still ahead of stocks as trades on many lower lines and Larger market shares were always tasteless.
Inter-Pacific said in the meantime, concerns about imposing a one-off tax and higher stamp duty on stock transactions would keep cautious sentiments longer and leave Malaysian stocks mostly decoupled from. the performance of foreign indices.
“Therefore, local stocks are expected to remain subdued for now, as they will attempt to find some stability after the market’s negative reaction to some of the 2022 budget proposals.
“Immediate assistance is at the 1,530 level, followed by the 1,520 level.
“The resistances, meanwhile, are respectively 1,545 and 1,550 levels,” he said.
Inter-Pacific said investor interest in lower lines and larger market shares also seems bland and that should see these stocks stay mixed in the lower near term.
“As it stands, there are still few notable catalysts for market players to follow and that will keep most retail players on the sidelines for now,” he said.