KUALA LUMPUR: The FBM KLCI started the week on a firmer footing, rising in early trade on improved risk appetite after last week’s decline.
The benchmark FBM KLCI rose 14.62 points, or 0.91%, to 1,619.03 at 9.18am after opening 3.79 points higher at 1,608.26.
Among the gainers, BLD Plantation
rose 60 sen to RM16.40, F&N added 28 sen to RM34.78, CIMB gained 27 sen to RM7.92 and Hong Leong Industries climbed 22 sen to RM15.22.
On the other hand, Malaysian Pacific Industries fell 20 sen to RM31.72, Inari lost 13 sen to RM2.06, Kuala Lumpur Kepong gave up 12 sen to RM20.08 and Carlsberg declined 10 sen to RM16.66.
Rakuten Trade believes the local bourse is poised for a rebound following the favourable outcome of Saturday’s election, and expects the index to trend within the 1,605–1,615 range today.
Meanwhile, Berjaya Research Sdn Bhd said the FBM KLCI may continue to face modest downside pressure as investors weigh lingering profit-taking in the absence of fresh domestic catalysts.
“Any further weakness in global cues or softening macroeconomic data could limit upside potential and keep the benchmark under pressure in the near term,” the research house said.
It noted that market sentiment may also be tempered by political uncertainty ahead of the Sabah state election over the weekend, prompting investors to adopt a more cautious and selective trading approach, particularly in cyclical and high-beta sectors.
“Technically, the key index has formed a bearish candle to remain in the longer-term consolidation zone.
“Should further weakness materialise, the near-term supports are envisaged at 1,613-1,607 points. On the other hand, the immediate resistances are located at 1,625-1,630 points,” Berjaya said.
