KUALA LUMPUR: The FBM KLCI rose on Thursday, buoyed by another positive closing on Wall Street, which gave impetus for more bargain-hunting activities.
The stock benchmark gapped up 2.66 points to 1,627.16 as Corporate Malaysia entered its penultimate day of results announcements.
According to TA Securities, the market is likely to continue its recovery as investors hunt for baragains following the recent share price declines, although gains will remain limited in the absence of fresh domestic catalysts.
"Immediate resistance is kept at the December 2024 high of 1,644, with the highs of 1,684, and 1,695 as tougher upside hurdles. Immediate support is set 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)," said the research firm in its daily market commentary.
Rakuten Trade said the sustained trading interest seen on the market indicates the progressive return of confidence to the market.
"Strength in sectors tied to consumer spending, services, and industrial activity continues to reinforce the view that domestic fundamentals are improving. For today, we project the FBM KLCI to move within the 1,620–1,635 range," it said in a note.
On the market, companies that had announced positive results recently included Time dotCom rising 42 sne to RM5.19, IHH gaining 10 sen to RM8.17 and AmBank jumping nine sen to RM5.97.
Of actives, MTouche rose one sen to 6.5 sen, Genetec dropped two sen to 30 sne and AHB slid one sne to 2.5 sen.
