The index opened 1.14 points lower at 1,473.55.TA Securities said stocks should stay range bound as worries over a global recession spawned by persistently high inflation and interest rates overshadow China reopening optimism.
“Expect key index chart supports at 1,460 and 1,450 to adequately cushion initial downside, with better supports from 1,420 and 1,400. “On the upside, immediate resistance remains at the 1,500 psychological level, with 1,512, and the August high near 1,528 as stronger resistance levels, followed by 1,550 and 1,570 as tougher upside hurdles,” it said.The S&P 500 fell 0.4% to settle at 3,829.25, while the Nasdaq Composite shed 1.38% to end at 10,353.23.
Mercury Securities believes that Malaysian stocks will continue to trend less volatilely in the short term until the year ends as market maintains cautiousness.added 13 sen to RM3.99, Kotra gained 11 sen to RM6.60 and Negri Sembilan Oil Palms climbed eight sen to RM3.50. Hextar Technologies fell 26 sen to RM16.44, Genting Plantations lost 21 sen to RM6.19, Nestle eased 20 sen to RM138.80 and PETRONAS Dagangan declined 16 sen to RM22.