KUALA LUMPUR: Bursa Malaysia opened to a surge in buying interest on Tuesday as the domestic market played catch up to global markets following the tariffs deal struck between the world's two largest economies.
The domestic benchmark index resumed trading after an extended weekend to surge 14.89 points or nearly 1% to 1,561.39 as a 90-day tariffs truce struck between the US and China yesterday marked significant progress towards ending the ongoing trade conflict.
Nearly all the index blue-chips were positive, with the exception of PETRONAS Dagangan, which slipped six sen to RM20.32.
Market heavyweight Maybank leapt 15 sen higher to RM10.04 while CIMB gained 28 sen to RM7.15 and Gamuda rose 12 sen to RM4.62.
The FBM KLCI is currently trading at its highest since early-March. According to TA Securities, the short-term overbought technical momentum indicators are signaling a pause for profit-taking consolidation.
However, positive weekly momentum and trend indicators, highlighted by a weekly MACD buy signal suggest further upside is likely going forward.
"Immediate index resistance remains at 1,564, representing the 61.8%FR of the rally from the 1,369 low (June 2023) to the 1,684 peak (August 2024), with next upside hurdles seen at 76.4%FR (1,610) and 1,644.
"Immediate support is kept at the 38.2%FR (1,490) with stronger supports seen at 23.6%FR (1,444) followed by the 1,400 psychological level," said the research firm in its technical outlook.
On the broader market, Inari Amertron
soared 25 sen to RM2.19 on active volume of 12.74 million shares, making it the top traded counter.
Other notable gainers included Nationgate jumping eight sen to RM1.66 and Nition VTech climbing 3.5 sen to 69 sen.
