KUALA LUMPUR: The FBM KLCI was flat at the opening bell as traders searched for trading direction amid a lack of new catalysts.<\/p>\n
At 1,735.85, the Malaysian key index was up just 0.1 points in subdued trading.<\/p>\n
According to Apex Securities, the weak US jobs report for July had helped to ease inflation fears, alleviating the risk of a more hawkish Federal Reserve.<\/p>\n
Meanwhile, the rebound in chip and software stocks also suggests that concerns over AI-related overcapacity may be stabilising, it said.<\/p>\n
However, a further deterioration in the labour market could increasingly raise concerns over economic growth rather than simply reinforce expectations for lower inflation.<\/p>\n
The research firm said the ongoing conflict in the Strait of Hormuz remains a key overhand as Tehran has diend direct talks with the US, despite the latter claiming a deal was nearing.<\/p>\n
In its technical reading, Apex said the FBM KLCI has remained within a downward-sloping channel since peaking in January.<\/p>\n
“Thursday’s pullback also formed a Dark Cloud Cover candlestick, signalling renewed bearish pressure.\u00a0<\/p>\n
“We therefore expect the index to trade weaker in the week ahead. 1,735 is the immediate support, followed by 1,700 should profit-taking emerge. Meanwhile, the 1,760\u20131,770 resistance zone is the stiff resistance,” it said in a note.<\/p>\n
There was active buying interest in semiconductor-related plays. Pentamaster leapt 19 sen to RM5.66, Sam Engineering gained 10 sen to RM4.35 and Frontken climbed seven sen to RM5.32.<\/p>\n
Of actives, Dnex was up 1.5 sen to 48.5 sen, HHRG gained two sen to 14 sen and Nationgate rose five sen to RM1.48.<\/p>\n
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