KUALA LUMPUR: Malaysia's main stock index remained firmly below the 1,500 psychological level as investors awaited a fresh catalyst to keep the momentum going.
After the previous day's gains, the FBM KLCI dipped 1.73 points at Friday's open to 1,581.64, against a backdrop of cautious trading.
TA Securities said President Xi Jinping's state visit to Malaysia served to rally market sentiment on the promise of greater economic coooperation and new investment deals.
However, it said investors are now eyeing the progress being made in US-Japan trade talks for cues on tariff negotiations with other countries in the region.
"Immediate support is retained at the 1,400 psychological level, with stronger supports at the June 2023 low of 1,369 followed by 1,320.
"Immediate resistance is maintained at 1,490, which represents the 38.2% Fibonacci retracement (FR) of the rally from the 1,369 low (June 2023) to the 1,684 peak (August 2024), with next upside hurdles seen at the 50% FR (1,527) and the 61.8% FR (1,564)," said the research firm in its technical outlook.
On the blue-chip index, PETRONAS-related stocks were early risers with PETRONAS Dagangan gaining 24 sen to RM19.22 and PETRONAS Gas adding 24 sen to RM16.68.
Hong Leong Bank put on 18 sen to RM19.68 while parent Hong Leong Financial Group climbed 18 sen to RM16.84.
Top actives on the market included Inenieur up one sen to four sen, Widad rising 0.5 sen to 3.5 sen and Avangaad flat at 28.5 sen.
