KUALA LUMPUR: The FBM KLCI inched higher following a mixed performance on Wall Street amid heightened volatility in technology shares.
Apex Securities said the the domestic market sentiment is likely to remain cautious as investors continue to assess the Federal Reserve's policy outlook and its implications for global fund flows.
"Domestically, Malaysia's resilient investment activity, together with Bank Negara Malaysia's measures to support the ringgit, should continue to underpin market sentiment.
"However, continued foreign fund outflows and domestic political uncertainties may limit near-term upside,"it said in its market outlook.
Brent crude futures for August delivery tumbled over 4% overnight to US$73.74 a barrel, the lowest since before the onset of the US-Iran conflict, as oil tankers passed through the Strait of Hormuz.
Apex Securities said energy-related counters may remain under pressure due to the decline in oil price, although pantations may remains supported by resilient crude palm oil prices.
On the blue-chip index, Hong Leong Bank rose 24 sen to RM22.18, Telekom gained 11 sen to RM7.50 and YTL Power rose seven sen to RM4.15.
PETRONAS Dagangan rose 10 sen to RM18.74 and Nestle added 10 sen to RM95.76.
