KUALA LUMPUR: The FBM KLCI edged higher in early trade on Friday, supported by selective buying despite weaker overnight cues from Wall Street and lingering geopolitical concerns.
The market barometer rose 3.55 points, or 0.21%, to 1,714.44 at 9:12 am, after opening 1.84 points higher at 1,712.73.
Among the gainers, Nestle advanced RM1.30 to RM99.30, PETRONAS Gas gained 26 sen to RM17.88, Allianz increased 16 sen to RM20.94, and PETRONAS Dagangan added 16 sen to RM22.08.
On the downside, Malaysian Pacific Industries
led the losers, falling 22 sen to RM28.80, while UMS Integration slipped nine sen to RM4.82, Press Metal shed nine sen to RM7.59, and Pentamaster declined seven sen to RM2.95.
Overnight, Wall Street ended lower as investors turned risk-averse amid rising geopolitical tensions and concerns over escalating conflict in the Middle East, which pushed oil prices higher and intensified inflation worries.
The Dow Jones Industrial Average fell 1.01% to 45,960.11, the S&P 500 lost 1.74% to 6,477.16, and the Nasdaq Composite dropped 2.38% to 21,408.08.
Rakuten Trade said the FBM KLCI remains well supported above 1,710 and is likely to trade range-bound between 1,710 and 1,730 today.
Berjaya Research said the index could trade in a cautious tone going forward, as escalating Middle East tensions—particularly following Iran’s rejection of direct ceasefire talks—are expected to weigh on global risk sentiment and dampen investor appetite. It added that should geopolitical developments deteriorate further, a broader risk-off wave could exert additional downside pressure on regional markets, including Bursa Malaysia.
On the domestic front, Berjaya Research said investors should monitor Malaysia’s upcoming Producer Price Index (PPI) data closely, as any upside surprise could signal rising cost pressures within the supply chain.
“Despite the FBM KLCI gapping up at the opening bell, quick profit taking sent the key index to reverse all its intraday gains to close lower. For now, the immediate resistance remains at 1,720 points, followed by 1,737 points, while the 1,708 level serves as near-term support, followed by the 1,700 psychological level,” Berjaya Research added.
