KUALA LUMPUR: The FBM KLCI trended higher at the midday break on Tuesday, supported by gains in selected heavyweight stocks, although broader market sentiment remained cautious.
The market barometer rose 5.75 points, or 0.34%, to 1,681.25 at lunch break, just below its morning high of 1,682.46.
Market breadth remained negative, with losers outnumbering gainers 626 to 340, reflecting continued selling pressure across the broader market. Turnover came to 2.57 billion shares valued at RM1.22bil.
On Bursa Malaysia, Kuala Lumpur Kepong emerged as the top gainer, rising 28 sen to RM20.40. It was followed by Heineken, up 26 sen to RM19.30, Carlsberg, which advanced 18 sen to RM16.40, and LPI Capital, which added 16 sen to RM15.26.
In contrast, Nestle slid 68 sen to RM93.76, KESM fell 31 sen to RM3.74, Tanco lost 30 sen to 50 sen and Ajinomoto eased 28 sen to RM15.20.
TA Securities said stocks are expected to remain range-bound due to the absence of supportive domestic catalysts and persistently weak buying momentum.
Immediate support for the FBM KLCI is seen at the March 2026 low of 1,664, followed by the 76.4% Fibonacci retracement level of 1,610 and the 61.8% retracement level of 1,564.
“Meanwhile, immediate resistance is capped at the 123.6%FP (1,759), with tougher upside hurdles seen at the 138.2%FP (1,805) and 150%FP (1,842) ahead,” it added.
Apex Securities said sentiment is likely to remain mixed as investors gauge whether gains in global technology and semiconductor stocks can be sustained, supported by renewed enthusiasm for AI-related themes ahead of the expected SpaceX and OpenAI IPOs.
The brokerage said lower oil prices have helped ease inflation concerns, although uncertainty over developments in the Middle East could continue to fuel market volatility.
On the domestic front, the government's decision to maintain the current Budi95 fuel subsidy quota should help keep inflationary pressures manageable and support consumer sentiment.
“Investors are also likely to monitor domestic political developments, which may influence broader market sentiment in the near term.
