Profit-taking halts rally, keeps FBM KLCI sideways

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KUALA LUMPUR: The rally on the domestic market could have hit a ceiling as investor hopes over slowing inflation gave way to profit-taking after two sessions of gains.

At 9.05am, the FBM KLCI had lost 3.71 points to 1,489.71 amid cashing in of blue chips. On the broader market, the performance was nearly even with 120 gainers compared with 126 decliners.

There were 158.27 million shares traded valued at RM50.242mil.

Despite the pause in the investor buying, TA Securities Research believes the local market should remain buoyed by the improving external sentiment following China's removal of travel restrictions, which should boost economic recovery momentum and ease inflation concerns.

"Immediate index 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.

"On chart supports, expect 1,460 and 1,450 to adequately cushion downside, with better supports from 1,420 and 1,400," it said.

The selling on Bursa Malaysia was triggered by a weaker performance on the Dow Jones overnight as investors turned cautious in late trading after an early session rally.

While the loss on the Dow was mild (0.4%), the S&P500 ended flat and the technology-heavy Nasdaq rose 0.6%, the retreat from intraday highs on each of the key gauges indicated investors remained wary over the Federal Reserve's next rate hike action.

Back home, among stocks seeing the most losses was Hextar Technologies, which subsided RM1.40 to RM27.88 after charting a meteoric rise on growth plans for the company.

Nestle was down RM1.30 to RM138.20, Kuala Lumpur Kepong dropped 14 sen to RM21.78 and MISC shed 14 sen to RM7.35.

Heineken Malaysia rose 16 sen to RM24.92, Allianz was up six sen to RM14.66 and Unisem edged four sen higher to RM2.84.

Top actives were L&P Global jumping three sen to RM60 sen, GDB adding two sne to 29 sne and Tanco rising 0.5 sen to 35 sen.