FBM KLCI holds on to Feb low ahead of Budget

At the start of Thursday trading, the bellwether index was up 0.58 points to 1,464.58.

The market remains on tenterhooks ahead of the tabling of Budget 2023 while US economic data pointing to a longer cycle of rate hikes have been keeping a negative mood in equities markets.

"The key index is moving towards its support at 1,450-1,460, while resistance is pegged along 1,500-1,510, it said in its market commentary. This came after major Wall Street indices ended mixed following the release of hawkish Federal Reserve minutes that pointed to a longer road ahead before equities can mount a recovery.

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