KUALA LUMPUR: The benchmark FBM KLCI was flirting with the 1,500 mark in early trading as investors held on to gains amid a slight uptick in positive sentiment.
At the opening bell, the main index rose 2.68 points to 1,502.08, briefly surpassing the resistance before retreating to sit flat on the hurdle.
According to Rakuten Trade, the previous Friday's rally, which brought the index to the 1,500 psychological level could be owing to the absence of market participants given the closure of key global markets.
"As trading would be back to normal today, we believe traders may take the advantage to possibly take profit hence expect the index to hover between the 1,490-1,500 range," said the research firm in its review.
However, TA Securities is bullish on the index's technical indicators following the previous week's recovery, which implies a slight uplift in near-term sentiment.
Nevertheless, the lack of sustained buying pressure on the local front suggests maintaining these gains will be challenging, it said.
"Persistent uncertainties stemming from US President Donald Trump's erratic tariff rhetoric and escalating US-China tensions could also continue to dampen investor confidence," it added.
"As for the index, immediate resistance is revised upwards to 1,527, which represents the 50%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 61.8%FR (1,564) and the 76.4%FR (1,610).
"Meanwhile, immediate support is also revised higher to the 23.6%FR (1,444) with stronger supports seen at the 1,400 psychological level, followed by the June 2023 low of 1,369."
Among the top gainers in early trade, Oriental Interest jumped 12 sen to RM1.40, United Plantations rose 10 sne to RM22.88 and Genting Plantations climbed nine sne ot RM5.04.
Leading actives were Ingenieur flat at four sen, Jiankun unchanged at three sen and ECA up 0.5 sen to 18 sen.
