KUALA LUMPUR: The FBM KLCI sank deeper into the red at midday on Boxing Day as profit-taking persisted amid thin holiday trading.
The FBM KLCI slipped 7.07 points, or 0.42%, to 1,671.24 at midday, recovering from an intramorning low of 1,670.83.
There were 279 gainers, 462 losers and 506 counters unchanged on Bursa Malaysia, with thin turnover of 816.3 million shares valued at RM592.4mil.
Apex Securities expects the FBM KLCI to trade with a mild upward bias today, underpinned by improving global risk sentiment and a resilient US market. This comes as the S&P 500 and Dow Jones register fresh highs, even amidst persistent volatility in the tech sector.
The brokerage noted that while the benchmark index has shown relative resilience, weaker participation across the broader market suggests investors remain selective.
“Near-term support is likely to stem from year-end institutional rebalancing with targeted accumulation of heavyweight and domestically driven names, although persistent foreign selling could limit the scope for a sustained rally,” it said.
Apex Securities remains positive on selective power-ancillary and renewable energy stocks, citing long-term energy transition trends that bolster earnings resilience. These sectors continue to attract investor rotation as a hedge against heightened global trade uncertainty
“In addition, improving global tech sentiment has helped stabilise the AI theme, which could provide a near-term sentiment tailwind for selected local technology and AI-related stocks.”
Meanwhile, TA Securities noted that while the broader market is expected to remain cautious ahead of the year-end holidays, window-dressing activities will likely provide upside support to selected index heavyweights.
“Immediate resistance is kept at the August 2024 high of 1,684, with the next upside hurdle at the December 2020 high of 1,695. A more formidable resistance level is identified at the 123.6% Fibonacci Projection (FP) of 1,759.
“Immediate support remains anchored at the 76.4% Fibonacci retracement (1,610), with stronger support at the 61.8% level (1,564), followed by the 50% retracement (1,527),” TA Securities said.
Among the decliners, PLB Engineering slid 20 sen to 80 sen, Panasonic Manufacturing
fell 15 sen to RM7.05, Bintulu Port eased 15 sen to RM5.35 and Hong Leong Industries declined 12 sen to RM16.48.
Conversely, Malaysian Pacific Industries rose 36 sen to RM32.78, Malayan Cement added 30 sen to RM7.64, F&N gained 20 sen to RM36.20 and Hume Cement Industries climbed 17 sen to RM3.32.
