KUALA LUMPUR: Buying interest in selected heavyweights kept Bursa Malaysia in positive territory at midday.
The FBM KLCI settled 6.58 points, or 0.41%, higher at 1,631.15 at midday after hitting an intraday high of 1,634.35.
There were 410 gainers, 573 losers and 510 counters traded unchanged on the Bursa Malaysia. Turnover stood at 2.6 billion shares valued at RM1.7bil.
Gainers on Bursa Malaysia included Nestle, which surged RM4.40 to RM116; F&N, which jumped 88 sen to RM35.76; Allianz, which added 36 sen to RM19.86; and Maybank, which rose 29 sen to RM10.26.
Conversely, United Plantations slid 36 sen to RM28.02, Malaysian Pacific Industries
fell 36 sen to RM31, Tenaga Nasional lost 34 sen to RM12.98, and Chin Tek declined 28 sen to RM10.72.
Genting Malaysia, which has secured a spot among the three bidders for a full New York City casino licence, declined 10 sen to RM2.25 at midday despite posting early gains.
It US unit, Genting New York LLC, was shortlisted by the New York Gaming Facility Location Board for licensure consideration, paving the way for a potential full-fledged casino at the Aqueduct site in Queens.
TA Securities said stocks are poised to extend their recovery as bargain hunting offers near-term support after recent declines.
However, it noted that a sustained upside will ultimately depend on stronger buying momentum and improved liquidity conditions.
“Immediate resistance is maintained at the December 2024 high of 1,644, with the highs of 1,684, and 1,695 as tougher upside hurdles.
“Immediate support is kept at the 61.8% Fibonacci retracement level (1,564), with stronger supports seen at the 50% level (1,527), followed by the 38.2% level (1,490),” TA said.
Separately, Hong Leong Investment Bank (HLIB) Research remained constructive on the FBM KLCI’s prospects, expecting the index to stay on track for a bullish triangle breakout, supported by typically stronger December seasonality.
It said a sustained close above the immediate hurdles at 1,622 (the 20-day MA) and 1,643 (the downtrend line) would pave the way for a retest of the year-to-date peak at 1,659.
“On the flip side, failure to clear these resistance levels, could witness the index to consolidate further, with key support levels anchored at 1,600 and 1,589/100-day MA.”
