FBM KLCI rebounds 0.18% at midday

  • Markets
  • Tuesday, 26 Sep 2023

KUALA LUMPUR: The FBM KLCI rebounded in Tuesday’s midday trading, buoyed by gains in banking and plantation counters.

At 12.30 pm, the FBM KLCI was up 2.54 points, or 0.18% to 1,445.99 after recovering from an intra-morning low of 1,442.79.

There were 461 losers on the market compared to 331 gainers. Trading volume was 1.83 billion shares valued at RM893.6mil.

Among the gainers, Hextar Technologies jumped 48 sen to RM24.48, Kuala Lumpur Kepong added 22 sen to RM21.52, Greatech Technology climbed nine sen to RM4.46 and Evergreen Max Cash Capital rose eight sen to 32 sen.

Panasonic Manufacturing fell 34 sen to RM19.04, Hong Leong Financial Group lost 20 sen to RM17.66, KESM slid 17 sen to RM7.23 and United Plantations declined 10 sen to RM17.

TA Securities said the local market should continue drifting sideways with downward bias, dragged by worries the elevated inflation outlook could force major global central bankers to keep interest rates high for an extended period.

“On the index, immediate support cushioning downside remains at 1,440, followed by 1,433, with subsequently 1420/1,400 acting as stronger supports.

“Immediate overhead resistance stays at 1,465, then 1,470, with the 1,490/ 1,500 area as next resistance,” it said.

Hong Leong Investment Bank (HLIB) Research said the FBM KLCI may trade sideways amid risk-off mode on the back of lingering headwinds such as looming US government shutdown, China’s property crisis, global bonds’ rout and hawkish central banks’ guidance.

However, the research house advocates buy on dips to ride on a better 4Q23 (year-end target: 1,530), underpinned by improved risk appetite post-election and a pick-up in M&A trails and undemanding KLCI at 13x CY2024 P/E among others.

It added that the latest initiatives and masterplans are expected to ensure long-term fiscal sustainability and competitiveness of the nation.

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KLCI , Bursa Malaysia , FBM KLCI


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