KUALA LUMPUR: The FBM KLCI crept slightly higher at Tuesday's open although the consolidation phase on the market looked set to continue.
Investors remain on the sidelines as US inflation data is scheduled for release later this week, and the Federal Reserve's last monetary policy meeting for the year is set for next week, where policymakers could decide on a further cut to the lending rate.
At the start of trading, Malaysia's stock benchmark was up 1.22 points to 1,612.65 following a negative performance on Wall Street overnight.
The major US indices were pulled lower by a decline in AI leader Nvidia that weighed on tech stocks. The S&P 500 lost 0.60% to end at 6,052.85 points, while the Nasdaq Composite lost 0.62%, to 19,736.69. The Dow Jones Industrial Average fell 0.54%, to 44,401.93.
Despite the recent softness in Malaysian equities, Rakuten Trade said it remains hopeful that buying support will emerge on the local market.
"Already, RM2.5bil of net foreign outflows were recorded last week hence foreign selling may be at its tail-end.
"As such, we expect the index to hover between the 1,610-1,620 range today with 1,600 as a rather solid psychological support level for now," it said in its outlook.
Among individual stocks, United Plantations rose 34 sen to RM31.14, Pentamaster climbed 14 sen to RM4.19 and Gas Malaysia rose 10 sen to RM4.39
Leading blue chips included Maybank up four sen to RM10.14, MISC rising five sne to RM7.47, Tenaga Nasional gaining four sen to RM13.86 and IOI adding two sen to RM3.93.
Top actives were Alam Maritim
flat at three sen, Mui Industries unchanged at 6.5 sen and Awantec up one sen to to 36.5 sen.
