KUALA LUMPUR (March 10): Inter-Pacific Securities Sdn Bhd said after Wednesday’s (March 9) rebound, coupled with strong overnight gains on major global equity indices, there should be more near-term upsides on Bursa Malaysia. Bargain hunting is likely to be sustained on stocks that were beaten down recently and this will help to provide the impetus for the FBM KLCI to head higher.
In its daily bulletin on Thursday, the research house said ongoing concerns over the Russia-Ukraine war will also be cast aside as market players look to pick up some of the oversold stocks and this could lift the key index to retest the next hurdles at 1,566 points.
“If the level is taken out, the key index could eye the next resistance at 1,570 points.
“The supports, meanwhile, are at the 1,545-1,550 levels, followed by the most recent low at 1,540 points,” it said.
Inter-Pacific said that elsewhere, the lower liners and broader market shares should also tip higher over the near term as many of these stocks are rebounding from their oversold conditions.
“However, the still low participation may still leave the upsides modest for the time being as there is still cautiousness in the near-term outlook,” it said.