KUALA LUMPUR: The FBM KLCI was seen firming up above the 1,600-point level at Monday's open as foreign funds continued to flow into the domestic market.

       At 9.05am, the benchmark index was up 1.15 points to 1,608.44.

       For the week ended April 8, foreign investors were net buyers of RM312.4mil of local equity, extending its net positive streak for nine weeks in 2022 so far.

       However, Kenanga Research expects the FBM KLCI to remain trading in a sideways direction over the immediate term amid a dearth of fresh market developments.

       "We reckon the benchmark index is facing more downside risk than upside potential following its climb since a month ago.

       "With the bellwether still in the midst of pulling back from the upper Bollinger Band and the stochastic indicator reversing from an overbought position, the FBMKLCI could remain in a range-bound pattern with a negative bias ahead," it said in its technical outlook.

       However, Malacca Securities Research said the Malaysian market could be viewed as a defensive market in light of the uncertain global environment.

       The research firm expects cautious trading in technology stocks following the decline on the Nasdaq on Friday amid expectations of a more hawkish tone from the Fed on monetary policies going forward.

       "In view of the mixed performances on Wall Street, we believe investors should favour stocks under the recovery-theme, while avoiding the technology sector," it said in a note.

       Meanwhile, early movers on the FBM KLCI included Maybank up two sen to RM8.87, IHH rising three sne to RM6.48, Sime Darby Plantation climbing eight sne to RM5.33 and Kuala Lumpur Kepong adding 34 sen to RM27.04.

       Top actives on the broader market were Vsolar down 0.5 sen to one sen, Matang up 0.5 sen to 11 sen and Brahim's falling one sen to 2.5 sen.