Friday 12 Apr 2024
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KUALA LUMPUR (March 11): Inter-Pacific Securities Sdn Bhd said with market conditions showing mild signs of improvement, there could be more near-term upsides as bargain-hunting activities look to continue, supported by sustained buying from foreign funds.

In its daily bulletin on Friday (March 11), the research house however said the gains could also be accompanied by volatile conditions as some market players may opt to close out their positions and lock in profits ahead of the weekend.

It said the overnight weakness on many key global indices would also keep the buying light, while the ongoing conflict in Eastern Europe and renewed concerns over a bigger-than-expected lift off in interest rates may keep overall market sentiments guarded somewhat.

“Therefore, the upsides could be more subdued with the near-term resistance pegged at 1,590 points.

“The 1,600 [level] may still prove to be a significant hurdle for now.

“The supports are at 1,573 and 1,565 points respectively,” it said.

Inter-Pacific said the lower liners and broader market shares could stay mixed as the still uncertain market outlook may keep most retail players on the sidelines.

“This could hasten profit-taking activities ahead of the weekend and conditions are likely to become more subdued in the day ahead,” it said.

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