KUALA LUMPUR: The FBM KLCI remained firm at Tuesday's open, tracking a positive performance on Wall Street, despite US President Donald Trump's latest tariffs announcements
At the open, the FBM KLCI was up 0.87 points to 1,611.82, with some hesitation by investors keeping the index in a sideways trajectory.
TA Securities said the local market may extend its near-term gains on optimism over further monetary easing by the US Federal Reserve, although stronger buying momentum and improved liquidity are needed for a sustained move to higher ground.
"Immediate resistance is maintained at the December 2024 high of 1,644, followed by tougher upside hurdles at the highs of 1,684, and 1,695. Immediate support is kept at the 61.8%FR (1,564) with stronger supports seen at the 50%FR (1,527) followed by the 38.2%FR (1,490)," it said in a market commentary.
Separately, Malacca Securities is optimistic over the upward momentum on the FBM KLCI given the positive closing in the US.
It said in its report the construction sector remains bullish, especially as Gamuda has secured another RM3.3bil leasehold land tender in Singapore. Gamuda shares rose three sen to RM5.55 in early trade.
"Most construction companies have strong earnings visibility for the next 2–3 years, underpinned by data centre investments and mega infrastructure projects across the country. Traders could accumulate on the recent pullback," it said.
Among early risers, MPI was up 18 sen to RM29.28, United Plantation gained 16 sen ot RM23.02 and Plenitude jumped 13 sen to RM2.35.
Of actives, NexG Bina was flat at 9.5 sen, TWL unchanged at 2.5 sen and Trive was also unmoved at 1.5 sen.
