KUALA LUMPUR: The FBM KLCI opened slightly higher on Friday, with investors hoping to arrest the index's decline ahead of the holiday weekend.
Wall Street's shares have hit fresh record highs as tech shares rallied on news of an extended ceasefire in the Middle East.
However, investors are expected to remain defensive until there is clearer confirmation of de-escalation in the Middle East, according to Apex Securities.
The research firm noted that uncertainty persists, as the Trump administration has repeatedly indicated that a resolution to the conflict was imminent, only for Iran to dispute or downplay such claims
"The FBM KLCI remained under pressure and has slipped back into its consolidation pattern after failing to sustain above the earlier breakout level, suggesting near-term momentum has weakened," said Apex in its technical outlook.
However, the broader uptrend remains intact as the index continues to hold above its rising long-term trendline and SMA120. Immediate support is seen at 1,690, while resistance stands at 1,720.
At the opening bell bell, the FBM KLCI was up 3.26 points to 1,688.18. Over the course of the trading week, the market barometer had lost 1.4% of its value in a steady decline.
Malaysia's first-quarter corporate results reporting period ends today, leaving investors on the sidelines with mixed results and concerns over the impact of the disruption of energy supply from the Middle East on future earnings.
On the blue-chip index, Nestle rose RM1.28 to RM96.28, Maybank jumped 14 sen to RM10.64 and Press Metal
climbed 16 sen to RM9.16.
Among actives, SFP Tech rose 1.5 sen to 27.5 sen, Nationgate gained one sen to 77 sen and Inari Amertron added six sen to RM2.41.
