KUALA LUMPUR: Malaysia's benchmark index pulled up at the start of Wednesday trading after four consecutive days of profit-taking, although the consolidation phase is expected to continue over the near term.
The FBM KLCI rose 4.07 points to 1,552.95, returning above the psychological 1,550 level amid a cautious market undertone.
Rakuten Trade said there has been an absence of investor participation given the lack of catalysts, especially from the retail portion
"As we do not expect the market to stage a trend reversal anytime soon, we believe the index to hover
within the 1,545-1,555 range today," it said in a note.
On developments in tariffs negotiations, TA Securities said investors are expected to remain sidelined while they monitor ongoing US trade discussions with India and Japan this week. It said this would lead to insights into future negotiations with other trade partners in the region.
"Immediate resistance stays at 1,610, with next major resistance seen at 1,644 followed by the August 2024 high of 1,684. Immediate support is kept at 1,526, with 1,490 and 1,444 acting as stronger supports," it said in its market commentary.
Following its earnings announcement yesterday, Sunway Construction jumped 25 sen to RM5.13. Hume Industries rose 15 sen to RM3 and Time dotCom gained six sen to RM5.27.
KLCI-heavyweight Hong Leong Bank gained 12 sen to RM20.02, QL Resources rose seven sen to RM4.66 and IOI climbed seven sen to RM3.69.
Top actives in early trading were Harvest Miracle unchanged at 18 sen, Sarawak Cable down 4.5 sen to 3.5 sen and Alam Maritim
gaining 0.5 sen to 3.5 sen.
