KUALA LUMPUR: The FBM KLCI traded higher at midday on Thursday, buoyed by gains in selected blue-chip stocks, although concerns over tighter global liquidity conditions capped gains.
At 12.30 pm, the benchmark FBM KLCI rose 5.43 points to 1,715.42 after touching an intraday high of 1,722.63 earlier in the morning.
Market breadth was negative, with 445 gainers against 595 losers, while 469 counters were unchanged. Turnover stood at 2.63 billion shares worth RM1.6bil.
Newly listed Sum Technology gained 21.5 sen to 49.5 sen, with 165.05 million shares traded.
Among the top gainers, Allianz-PA rose RM1 to RM22.20, Hong Leong Industries added 72 sen to RM19.20, PETRONAS Dagangan gained 36 sen to RM18.64 and Press Metal
advanced 31 sen to RM8.51.
On the downside, Nestle fell RM2 to RM94.80, Malaysian Pacific Industries lost 94 sen to RM48.36, Paragon slid 55 sen to RM1.74 and United Plantations shed 40 sen to RM31.82.
TA Securities expects the market to extend its relief rally, underpinned by easing geopolitical concerns and improving short-term technical momentum.
The brokerage said immediate resistance for the FBM KLCI remains at 1,759, corresponding to the 123.6% Fibonacci Projection level, with stronger resistance seen at 1,805 and 1,842.
On the downside, immediate support is pegged at the March 2026 low of 1,664, followed by stronger support levels at 1,610 and 1,564.
Apex Securities expects the FBM KLCI to trade cautiously today as investors digest the US Federal Reserve's hawkish policy outlook and the Bank of Japan's surprise interest rate hike to 1.0%, which has heightened concerns over tighter global liquidity conditions.
"While easing geopolitical tensions in the Middle East and constructive discussions at the recent G7 Summit may support risk sentiment, rising global bond yields could continue to weigh on growth-oriented sectors," it said.
"Nevertheless, resilient domestic economic fundamentals should provide support to the local market."
Apex Securities remains cautious on technology stocks amid rising global bond yields and tighter monetary conditions worldwide.
