KUALA LUMPUR: The FBM KLCI was little changed at the start of Monday trading, after closing the previous week at a month's low.
Apex Securities said the benchmark index has been retreating in recent sesions amid cautious market sentiment. However, it continues to view the index positive as its broader uptrend remains intact.
"From a technical standpoint, the recent pullback and formation of several bearish candlesticks may pave the way for a Bullish Harami pattern, suggesting that selling pressure could be easing. This may provide an early signal of a potential near-term rebound in the benchmark index," it said in its techical outlook.
The research firm added that positive momentum in technology-related stocks could continue to lift market sentiment, tracking gains in global tech names.
However, upside may remain measured as investors monitor external risks including global rate expectations, corporate earnings momentum, and ongoing geopolitical developments.
By sector, the Apex said it favoured utilities on continued data centre-related investments, while remaining selective on technology amid ongoing AI-related volatility.
It added that sentiment on the energy sector may soften following the recent pullback in crude oil prices.
At the time of writing, Brent crude futures for July delivery had slipped below the US$100 a barrel level after US President Donald Trump announced new plans to end the impasse in the Middle East.
The FBM KLCI was down 1.16 points to 1,711.43, with PETRONAS Chemicals leading losses, down 21 sen to RM5.49.
Of actives, EI Power was up one sen to 63.5 sen, SFP Tech gained two sen to 23.5 sen and AirAsia X
rose five sne ot RM1.17.
