KUALA LUMPUR: Investors on global stock markets remain watchful for signs of progress in negotiations over the Middle East conflict.
According to news reports, Iran has rejected a 45-day ceasefire proposal as US President Donald Trump's Tuesday evening deadline for the reopening of the Strait of Hormuz looms.
However, the US, Iran and regional mediators remain locked in discussion over the terms of a potential ceasefire.
After the previous day's sharp fall, the FBM KLCI was seen retracing slightly higher on Tuesday, rising 3.22 points to 1,685.64 at the open.
IJM and Sunway are the spotlight after it was announced late yesterday that the latter's takeover bid had fallen short of the 50% acceptance required.
Trading in both counters have been halted from 9am to 10am on Tuesday in light of the announcement.
Malacca Securities said it anticipated some selling pressure on IJM in the near-term. However, given the property firm's records RM17.3bil order book and plans to spin off its construction division within the next 18-24 months, the research firm considered it a value buy at current levels.
Meanwhile, blue chips were bouncing back in the FBM KLCI. Maybank rose six sen to RM11.28 , Hong Leong Bank gained 46 sen to RM21.70 and RHB climbed seven sen to RM8.21.
PETRONAS Chemicals was up 10 sen to RM5.85 while MR DIY gained three sen to RM1.53.
Most active stocks included Reneuco, whose share price halved to one sen after a further application for time to submit its deregularisation plan had been rejected by Bursa Securities. The energy firm is slated to be delisted on April 16 unless it submits an appeal by April 13.
Other actively traded shares included VS Industry, up half a sen to 19.5 sen and TWL falling half a sen to two sen.
