KUALA LUMPUR: The FBM KLCI edged higher at midday in cautious trading as gains were capped by lingering geopolitical concerns, with investors adopting a wait-and-see approach.
The market barometer rose 4.3 points, or 0.25%, to 1,713.06, off its intraday high of 1,725.93.
Winners and losers were closely balanced, with 435 gainers against 444 losers and 485 that were flat. About 1.7 billion shares, valued at RM1.43bil, changed hands.
Gainers on Bursa Malaysia included Heineken Malaysia
, which jumped 68 sen to RM22.88, Hong Leong Financial Group, which added 28 sen to RM19.58, Hong Leong Industries, which rose 24 sen to RM17.06, and UMS Integration, which climbed 22 sen to RM4.82.
On the other hand, United Plantations slid 32 sen to RM33.50, Allianz-PA fell 30 sen to RM21.20, Nestlé declined 24 sen to RM98.20, and Kuala Lumpur Kepong lost 20 sen to RM19.62.
TA Securities said the local market is likely to remain in consolidation mode with a downside bias, as investors stay cautious and continue to monitor developments in the Middle East.
“Immediate support for the index is anchored at the January 2026 low (1,666), with stronger support seen at the 76.4%FR (1,610), followed by the 61.8%FR (1,564).
“Meanwhile, immediate resistance remains capped at the 123.6%FP (1,759), with tougher upside hurdles at the 138.2%FP (1,804) and 150%FP (1,841) ahead,” the brokerage said.
Meanwhile, Malacca Securities said a risk-off sentiment is likely to persist on the local bourse amid ongoing uncertainty in the Middle East and continued volatility in oil prices.
The brokerage said this may favour energy and chemical counters such as Dialog Group Bhd, Hengyuan Refining Company Bhd, and Petronas Chemicals Group Bhd.
“Should Iran persist in its threats to close the Strait of Hormuz, MISC Bhd could benefit, as the shipping line can command higher spot rates and pass war-risk premiums on to charterers.
“Finally, despite the IRB discontinuing the 10% preferential withholding tax (WHT) rate on REITs, we have observed 'hammer' candlestick patterns forming across most REITs, potentially signalling the start of value-picking activities,” Malacca Securities said.
