FBM KLCI continues rebound after two days of recovery

KUALA LUMPUR: An air of uncertainty remains on the domestic market following two days of recovery as the tensions in the Middle East subside and investors digest the latest developments in the US economy.

The FBM KLCI opened 1.54 points higher on Friday at 1,546.3 points, as investors continued to retrace losses made the first half of the week.

Nevertheless, analysts advised caution as the investment mood had turned against equities amid a change in sentiment over risk assets.

"We advise investors to trade cautiously and to monitor developments in the Middle East over the weekend.

"Additionally, the apprehension on the US market due to prolonged expectations of high interest rates will likely limit the upside potential of the overall market," said Apex Securities Research in its market outlook.

Overnight, Wall Street markets closed lower with the S&P500 extending its losses for a fifth consecutive day, its longest losing streak since October 2023, amid expectations of fewer or even zero rate cuts in 2024.

The broad index lost 0.22% to 5,011.12, while the Nasdaq Composite dropped 0.52% to 15,601.50. The Dow Jones Industrial Average added 22.07 points, or 0.06%, to finish at 37,775.38.

Kuala Lumpur Kepong rose 18 sen to RM22.88, QL Resources gained eight sen to RM6.39 and Tenaga Nasional added four sen to RM11.64.

Genting shares rose three sen to RM4.52 while Genting Malaysia was up one sen to RM2.63.

Of actives, Ingenieur remained heavily traded, unchanged at 14 sen.

Awantec meanwhile plummeted 12.5 sen to 19.5 sen after Bursa Securities said the share would be suspended from trading from April 26 after it failed to submit a regularisation plan.

PM Holdings rounded up the top three active stocks, rising 1.4 sen to 21 sen.