KUALA LUMPUR: The FBM KLCI edged up at midday, but the broader market stayed cautious, with investors holding back from significant entries.
At the lunch break, the FBM KLCI rose by 1.54 points, or 0.09%, to 1,624.82, after reaching an intra-morning high of 1,627.62 at the opening.
In the broader market, losers outpaced gainers, with 246 stocks closing higher and 586 ending lower. Volume was 1.7 billion shares valued at RM927.1mil.
Among the gainers, PPB Group rose 14 sen to RM14.26, PETRONAS Gas increased by 12 sen to RM17.62, Tenaga Nasional added 10 sen to RM14.46, and Kotra climbed nine sen to RM4.49.
F&N tumbled RM1.12 to RM28.58, Malaysian Pacific Industries
lost RM1.02 to RM26.46, Hong Leong Financial Group slid 34 sen to RM18.30 and PIE eased 20 sen to RM5.27.
TA Securities noted that market sentiment is likely to be lifted by the US Federal Reserve's dovish guidance on lowering interest rates and the prospect of more pro-business policies under a Trump presidency.
It said the immediate index resistance is set at the recent high of 1,648, with the next upside hurdles seen at 1,660 and 1,675.
“Immediate support stays at the 1,600 psychological level, with the next crucial support coming in at the 200-day moving average level of 1,593, and next at 1,575, the 76.4% FR level,” TA said.
Meanwhile, Hong Leong Investment Bank Research said the FBM KLCI is likely to consolidate further ahead of the November results season, with support levels at 1,589-1,600-1,607 and resistance at 1,648-1,657.
This is due to a lack of domestic rerating catalysts and ongoing foreign net outflows.
“Moreover, the outlook may be tempered by external risks, including lingering Middle East turmoil, as well as bracing for more economic fluidity and market volatility under Trump 2.0 presidency given his rather confrontational ‘shoot from the hip’ style,” it added.
