KUALA LUMPUR: The FBM KLCI is expected to remain in consolidation mode following two days of decline as global markets wobbled after Iran's counterproposal to a peace deal was rejected by the US.
"For the FBM KLCI, sentiment is expected to remain cautious and range-bound, with selective buying interest in defensive and infrastructure-linked counters likely to cushion downside, while investors track oil price movements and diplomatic developments," said TA Securities in its outlook.
The research firm added that attention this week turns to US President Donald Trump's visit to China for talks with President Xi Jinping on trade, rare earth export controls and broader geopolitical tensions, which could introduce further volatility across Asian markets.
On the technical charts, Apex said there will be a continuation of the broader uptrend on the FBM KLCI. However, it cautioned that an inverted hammer candlestick near the recent high suggests a near-term pullback of profit-taking activity after the recent rally.
The market barometer rebounded 3.14 points to 1,748.45 as trading commenced on Tuesday with some bargain-hunting activity seen in blue chips. Nestle climbed RM1.20 to RM102.40, PPB rose 10 sen to RM11.14 and IHH gained six sen to RM9.
Of actives, Oppstar extended a searing rally by 18.5 sen to 86.5 sen after 79.87 milion shares done. It had risen 30 sen to 68 sen at the previous close, bolstered by news its design unit had received a government offer to access Arm Ltd's design tokens.
Other actively traded stocks included TT Vision, jumping 5.5 sen to 38.5 sen, and Top Glove, shedding 1.5 sen to 84 sen.
