KUALA LUMPUR: A mild midweek bounce on the Malaysian stock market lacked the momentum to break out of the sideways trading pattern, even as Corporate Malaysia headed into the final days of its results season.
Stirred by an overnight rally on Wall Street, the FBM KLCI rose 3.98 points to 1,530.14 at Wednesday's open, replacing about half of the losses from the previous session.
As expected, the boost of optimism over the delay of Trump's tariffs on EU imports shored up Wall Street prices, which is helping to cushion a lacklustre local market.
However, TA Securities Research warned that "the undertone remains cautious as investors await key US economic data later this week to gauge the health of the world's largest economy".
"Immediate resistance is revised lower to 1,564 with next upside hurdles seen at the recent high of 1,586, followed by 1,610 ahead.
"Immediate index support is also adjusted lower to 1,490, while stronger supports can be found at 1,465 and 1,444," it said in its technical outlook.
On the FBM KLCI, MISC jumped 19 sen to RM7.65 and Tenaga Nasional climbed 14 sen to RM14.14.
These helped to offset index losses from Kuala Lumpur Kepong dropping 32 sen to RM20.04 and PETRONAS Dagangan shedding 18 sen to RM19.62.
On the broader market, Velesto
topped the actives list, rising one sen to 17.5 sen with 16.66 million shares done.
It outperformed new ACE Market debutant Oasis Home, which was trading flat at 28 sen.
