KUALA LUMPUR: The strong performance in US equities overnight is having some spillover efect on Bursa Malaysia, although gains are expected to be limited until foreign investors return to the local market.
The benchmark FBM KLCI rose 6.25 points to 1,510.07 at the opening bell. The index remains firmly below the descending 14-day simple moving average although it is a hopeful sign that it stays afloat of the 1,500 psychological support.
According to Rakuten Trade, the market undertone seems robust despite the inherent concern over more Trump’s tariffs going forward.
However, it said the market outlook remains boring as the daily volume is still stuck around the three billion shares level.
"In view of a lack of fresh funds, we believe the index to hover within the 1,500-1,510 range again today," it said in its morning note.
TA Securities said the overnight rally on Wall Street should cushion the lacklustre local market today, but the undertoine remains cautious as investors refrain from trading commitments amid clueless market direction on the local front.
"Immediate index resistance is retained at 1,550, followed by 1,580, with tougher upside hurdle at 1,605. Immediate support is set at 1,500, with stronger key retracement supports seen at 1,472 and 1,450," it said in its market commentary
On the blue-chip index, bank stocks were on a rise. CIMB gained five sen to RM6.97, Maybank addd six sen to RM10.24 and RHB rose seven sen to RM6.78.
Nestle continued its recovery, adding 38 sen to RM68.88.
Top actives on Bursa Malaysia were EA Holdings
flat at 0.5 sen, Borneo Oil unchanged at one sen and Dengkil down one sen to 24 sen.
