KUALA LUMPUR: HLG Research said with Wall St closed for Labour Day overnight and ahead of the Hari Raya holidays, it expects Bursa Malaysia to consolidate further on Tuesday and trading volume is likely to decline.

It said that nevertheless, any technical pullback is expected to be mild as investors are expecting more details from the government?s New Economic Model to be released in the near term.

?Tangible policy changes would probably represent the strongest reason for the market to re-rate higher,? it said in its market outlook.

Technically, a break above the 1450 points will witness more upside to the next resistant at 1,472 (76.4% FR from top 1,525 and low of 1,300). Major support levels are situated around 1,419 (10-day SMA), 1,400, 1,395 (20-day SMA) and 1383 (30-day SMA)

To recap the market?s performance on Monday, it said that despite the ringgit hitting a fresh 13-year high at 3.11 (vs US$) and the solid performance of overseas markets and Wall Street (last Friday), the FBM KLCI slipped into the negative territory.

After recent upsurge, the FBM KLCI continued its consolidation on Monday with a one-pt decline after falling as much as 4.0 points in intraday. Turnover dropped to 744 million shares worth RM1.42 billion from 922 million shares worth RM1.72 billion last Friday. Market breadth was negative with 316 gainers as compared to 371 losers.