FBM KLCI will still be struggling to break past the immediate resistance level of 1,465

As the final quarter of the year gets started, our Malaysian bourse will likely carry over the trading pattern seen in the last few days – by oscillating in a tight range.

Most probably, the benchmark FBM KLCI will still be struggling to break past the immediate resistance level of 1,465 for the time being. On the other hand, while a downward bias may prevail due to profit-taking pressures, the bellwether is not expected to fall anywhere near to the first support line of 1,435 at the moment.

In a sense, the broadly sideways performance is only to be anticipated in the absence of follow-through buying momentum as news flows got thinner following the multi-week run-up. It is also a similar case on Wall Street, which saw its key equity indices slipping between 0.3% and 0.4% at the closing bell last night amidst a dearth of new developments.