KUALA LUMPUR: The domestic market stayed mostly flat in early morning trade amid ongoing market volatility as investors watch for more developments in the Russia-Ukraine conflict and ahead of the US Federal Reserve's monetary policy decision later this week.

       At 9.05am, the FBM KLCI was down 0.37 point to 1,567.85. There were 215 gainers compared to 136 decliners for a positive market breadth.

       Investors nerves remains frayed by the war in Ukraine, which has triggered widespread selling in global markets.

       Kenanga Research expects investors to remain jittery on the local stock market as the war is likely to continue for now.

       Meanwhile, investor focus will be on the US Federal Open Market Committee meeting scheduled for Tuesday and Wednesday.

       The market consensus is for the US central bank to start an interest rate hike cycle with increments of 25bps staggered over five to seven increases.

       From a technical standpoint, Kenanga expects the FBM KLCI to see further downside as it crosses below the upper Bollinger Band and the 25-day simple moving average while the stochastic indicator unwinds from an oversold position.

       "On the chart, the FBM KLCI will probably come under renewed pressure to test our immediate support threshold of 1,550.

       "The 1,600-psychological mark is now our first support-turned-resistance barrier to block any intermittent rebound by the key market barometer," it said.

       Stocks on Bursa Malaysia that are seeing notable price action include technology counters, which are rebounding after a recent strong sell-off.

       MPI rose RM1.04 to RM33.08, Vitrox gained 13 sen to RM6.85 and Greatch rose eight sen to RM3.48.

       Plantation stocks however were seen retreating led by Kuala Lumpur Kepong sliding 26 sen to RM25.84, IOI shedding one sen to RM4.18 and Sime Darby Plantation falling 11 sen to RM5.06.

       Top actives included Green Packet up 1.5 sen to 11 sen, Hibiscus down seven sen to RM1.11 and DNeX unchanged at 99.5 sen.