KUALA LUMPUR: The recovery on the domestic market looks set to continue on Tuesday after it made a positive opening on the heels of the inauguration of US President Donald Trump.
At the opening bell, the benchmark FBM KLCI was up 2.57 points to 1,574.91, tracking a boost to sentiment in Asian markets following talks between Trump and Chinese president Xi Jinping.
While the US stock market was closed overnight for the Martin Luther King Jr holiday, US futures traded higher, indicating a positive initial response to the President's speech. However, as Asian markets opened for business, US futures were seen retreating into negative territory.
Rakuten Trade said the trading sentiment remains cautious although Trump's recent leniency on TikTok may be a prelude that he would be friendlier with his tariff stance and curbs.
"While the situation is still fluid, at least we can expect a lesser degree of confusion. For today, we expect the FBM KLCI to hover within the 1,570-1,580 range," it said in its outlook.
On the technical front, Malacca Securities Research said the indicators continued to show mixed signals with the RSI rebounding off the oversold zone while the MACD histogram traded in negative territory.
"Resistance is anticipated around 1,587-1,592, while support is set at 1,552-1,557," it said in a note.
Alliance Bank jumped eight sen to RM5.38 amid talk of Singapore's DBS Group buying a 29% stake in the company.
Sapura Industries gained four sen to 87 sen and Scanworld rose four sne to 55 sen.
Of actives, Harvest Miracle dropped two sen to 14.5 sen, Salutica rose 0.5 sen to 29.5 sen and Mah Sing fell five sen to RM1.33.
