KUALA LUMPUR: The FBM KLCI started the week with a mild bounce after two sessions of profit-taking, with investors anticipating a raft of earnings announcements over the coming two weeks.
"Conflicting signals from short-term technical momentum indicators for
the FBM KLCI suggests that further range bound trade will likely persist
until a more constructive trend emerges," said TA Securities in its technical outlook.
Amid the short-term uncertainty, it said the longer-term indicators remain constructive, signalling the potential for an uptrend resumption once buying momentum strengthens and overall market sentiment improves.
At the opening bell, the FBM KLCI was up 1.92 points to 1,578.26.
There was some strong price action seen in IJM, rising six sen to RM2.98 after it secured a RM1.4bil data centre project in Johor.
There was also buying in Kelington gaining five sen to RM1.43 and Sunway Construction adding five sen to RM5.42.
Heineken slipped four sen to RM23.16 as its outlook was impacted by slowing consumer demand, while LPI dropped 20 sen to RM14.70 and Westports fell four sen to RM5.68.
Of actives, PRG was up one sen to 11 sen, NexG was flat at 39.5 sen and Velesto
rose 0.5 sen to 19 sen.
