KUALA LUMPUR: The return of foreign funds after a week of net selling could extend the benchmark stock index's rally now it has crossed the 1,500 psychological level, says Apex Securities Research.
"Indicators are improving with the MACD Line edging higher above the signal line, while the RSI turns higher.
"Following yesterday’s bullish candle, the benchmark index could break above its recent high of 1,504. Support is pegged at 1,480," it said in its technical review.
However, the research firm maintained its view the market would remain range-bound as persistent inflation in the US could delay the the timing of rate cuts in the US.
Overnight, Wall Street markets were closed due to the Martin Luther King Jr public holiday, which means fewer leads for traders in the day ahead.
At the open, the FBM KLCI was down 0.72 points to 1,500.39, with investors hovering near the critical resistance-turned-support of 1,500 as it digested recent gains.
Genting shares maintained their bullish momentum with parent company Genting rising four sen to RM4.80 and Genting Malaysia rising one sen to RM2.72.
MISC added four sen to RM7.44, Sime Darby gained three sen to RM2.48 and Telekom Malaysia climbed five sen to RM5.85.
Meanwhile, Sungei Bagai continued its rally by 10 sen to RM5.10 while Kuchai Development gained six sen to RM1.71.
Glove counter Hartalega
was also seen jumping six ssne to RM2.82.
Among actives, Tanco was up 1.5 sen to 64 sen, MRCB rose 0.5 sen to 54 sen and PDZ was down one sen to 6.5 sen.
