KUALA LUMPUR: Following the breakout in the previous session, Malaysia's benchmark stock index is expected to tack on more gains if manages to stay above the resistance-turned-support of 1,465.
There is also expected to be further upsides for the lower liners given the improved trading sentiment.
However, Apex Securities Research advised investors to exercise caution with stocks that have rallied rapidly into overbought zones.
"The FBM KLCI took another step forward as the key index breached above the stiff resistance level of 1,465.
"Indicators stayed positive as the MACD Line remained above the Signal line, while the RSI steadied above 50. Next resistance is located at 1,488. Immediate support is at 1,430," said the research firm in its technical review.
At the start of trading, the FBM KLCI was down 0.37 points to 1,476.89 amid results in the blue chips.
Among banks, Hong Leong Bank fell 10 sen to RM18.78, and Maybank dropped two sen to RM9.01 while CIMB gained three sen to RM5.98.
QL Resources climbed six sen to RM5.78, while YTL Power rose four sen to RM3.04 and YTL Corp gained four sen to RM2.09.
Tenaga, however, shed eight sen to RM10.34 and IOI fell three sen to RM3.97.
Top actives included Luster up 3.5 sen to 10 sen, Hong Seng rising 0.5 sen to three sen and Minte down 0.5 sen to 20.5 sen.
