KUALA LUMPUR: The FBM KLCI traded higher at the midday break on Thursday, supported by banking counters, although market sentiment remained cautious amid a lack of fresh domestic catalysts.
At 12.30pm, the FBM KLCI advanced 5.51 points, or 0.33%, to 1,662.34, lifted by banking stocks, easing from its morning high of 1,666.26.
Despite the benchmark index's gains, market breadth remained negative, with 353 gainers, 575 losers and 453 unchanged. Turnover amounted to 1.6 billion shares worth RM908.56 million.
TA Securities expects local market sentiment to remain subdued due to the absence of fresh domestic catalysts, though oversold technical conditions may support selective bargain hunting.
It said the index's immediate support is seen at the 76.4% Fibonacci retracement (FR) level of 1,610, with stronger support at the 61.8% FR (1,564), followed by the 50% FR (1,527).
“Meanwhile, immediate resistance is set at the June 2026 high (1,723), with tougher upside hurdles seen at the 123.6%FP (1,759) and 138.2%FP (1,805) ahead,” TA said.
Apex Securities said sentiment remains cautious ahead of the release of US non-farm payrolls data later today, with investors looking for clues on the Federal Reserve's policy path.
Domestically, it said the softer benchmark, resilient small-cap performance and positive market breadth continue to favour selective stock picking over broad market exposure, with a defensive stance remaining appropriate until market conviction strengthens.
“Technology remains the sector to watch, as local chip and EMS continue to track global semiconductor names and may swing depending on this week’s data. Utilities and other defensives may continue to attract bids as investors lean towards yield and earnings visibility.
“Energy counters remain another worthy of note as crude prices continue to drop, while the rate-sensitive REIT and property space could stay under pressure until the outlook for rates clears,” Apex said.
Leading the gainers were Nestlé, up 38 sen to RM92.14, F&N, which added 22 sen to RM28.16, United Plantations, up 22 sen to RM33.20, and Telekom Malaysia, which gained 17 sen to RM7.50.
Among the banks, Maybank rose eight sen to RM10.74, Public Bank gained five sen to RM4.80, RHB Bank
added four sen to RM8.24, CIMB climbed three sen to RM7.45, while Hong Leong Bank advanced 14 sen to RM21.42.
Technology and semiconductor stocks were among the decliners on Bursa Malaysia. Malaysian Pacific Industries fell 70 sen to RM48.30, UMS Integration shed 32 sen to RM8.17, Unisem lost 14 sen to RM4.69, ViTrox declined 13 sen to RM7.79, while Pentamaster gave up 10 sen to RM4.84.
