KUALA LUMPUR: Malaysia's benchmark index remained on a sideways channel as a rebound at the opening retraced the previous day's losses.
The FBM KLCI was up 4.39 points to 1,616.13, finding support at the 50-day moving average as investors practised caution amid the ongoing uncertainty over the US interest rate and fears of overstretched tech valuations.
Meanwhile, traders grasped for new leads on the domestic front, which have remained elusive this corporate earnings period.
"The subdued trading sentiment is expected to persist, as investors remain cautious and avoid new commitments amid the uncertain market direction on the local front," said TA Securities in its outlook.
"Immediate resistance stays at the December 2024 high of 1,644, with the highs of 1,684, and 1,695 as tougher upside hurdles. Immediate support remains 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)."
Striking a more positive tone, Rakuten Trade noted that bargain-hunting activities may set in due to prevailing low valuations.
It reiterated in its market review that the steady rise in market volume is a constructive signs, indicating that investor interest remains firm despite the current consolidation phase.
Among early gainers, Hong Leong Industries rose 84 sen to RM15.18 following the release of its quarterly result. Alliance Bank gained nine sen to RM4.72 on the back of its own set of positive earnings results.
Meanwhile, interest was seen picking up for Hong Leong Bank, gaining 12 sen to RM21.40, ahead of the release of its quarterly report.
Of actives, Aizo dropped 1.5 sen to 5.5 sen following the annoucement of its private placement.
D&O Green Technologies dove 15.5 sen to 93.5 sen after announcing its largest quarterly net loss of RM169.09mil as it undertook impairments to align its inventory to higher-functionality and higher-complexity solutions.
