KUALA LUMPUR: The FBM KLCI opened the week lower on Monday, as investors adopted a cautious stance following the recent rally.
The market barometer declined 2.15 points, or 0.13% to 1,663.75 after opening down 1.62 points at 1,664.28
Among the decliners, BLD Plantation
slid RM1.14 to RM14.90, Kuala Lumpur Kepong fell 36 sen to RM19.64, PETRONAS Dagangan lost 22 sen to RM129.50, while Frontken declined six sen to RM4.20.
On the other hand, United Plantations rose 24 sen to RM30.08, Hong Leong Industries climbed 10 sen to RM16.60, Tan Chong Motor added 10 sen to 67.5 sen, and Panasonic Manufacturing gained nine sen to RM7.19.
Rakuten Trade believes there is a strong possibility that the index may test the enigmatic 1,700 level in the near term.
“For today, we expect the index to trend between the 1,650-1,665 range underpinned by the strengthening ringgit,” it said.
Meanwhile, Berjaya Research Sdn Bhd said the FBM KLCI is expected to trade on a cautious yet stable footing in the near term, with gains likely to be capped by intermittent profit-taking following the recent rally.
The research house said market participants are expected to remain selective as they assess the sustainability of the recovery amid lingering external uncertainties and mixed global cues.
In this regard, a key economic event to watch is the release of the second reading of the U.S. 3Q25 GDP data later this week, as any meaningful revision could influence global growth expectations, risk sentiment and cross-border fund flows.
“The key index has formed a bullish candlestick to break out above the 1,658 resistance points.
With the RSI approaching overbought territory, bouts of quick profit-taking activities could emerge, with the 1,648 points acting as immediate support, followed by 1,638 points.
