Mild bounce on FBM KLCI as underlying sentiment remains cautious

At the opening bell, the FBM KLCI was up 2.19 points to 1,416.44.

According to TA Securities Research, there is near-term downward bias with stocks being dragged lower by worries over the US banking sector and recession risks.

"Key index supports remain the recent low of 1,391 and last October's low of 1,372, while immediate overhead resistance stays at 1,450, followed by the leveling 200-day moving average at 1,457, with 1,480 and 1,500 acting as stronger resistance levels," said the research firm in a note.

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