KUALA LUMPUR: Bursa Malaysia extended its gains at the midday break, with analysts saying the market could face limited upside in the near term despite improving sentiment.
At the midday break, the FBM KLCI gained 14.31 points, or 0.86%, to 1,676.14, after climbing as high as 1,677.65 during the morning session.
There were 514 gainers, 398 losers and 498 counters traded unchanged on the Bursa Malaysia. Turnover stood at 1.72 billion shares valued at RM908.9mil.
TA Securities said further upside may be limited in the near term, as stronger buying momentum and improved liquidity are needed to support a sustained move higher.
It said immediate resistance for the index is at the June 2026 high of 1,723, with the next resistance levels seen at the 123.6% Fibonacci Projection (FP) of 1,759 and the 138.2% FP of 1,805.
“On the downside, immediate support is capped at the 76.4%FR (1,610), with stronger support coming from the 61.8%FR (1,564), followed by the 50%FR (1,527),” it added.
Meanwhile, Apex Securities said softer US payroll data had shifted near-term monetary policy expectations, reducing the likelihood of further interest rate hikes and providing support for emerging-market currencies.
It noted that the ringgit strengthened 0.33% to 4.0805 against the US dollar despite continued foreign outflows from the equity market.
Apex Securities said the sharp sell-off in Asian technology stocks was likely to keep pressure on local semiconductor-related stocks, which it said were unlikely to see sustained buying interest until markets in Seoul and Tokyo stabilised.
“Today's session also arrives without a US lead, as markets were shut for Independence Day, so liquidity should thin into the weekend, and headline risk will carry more weight than usual.”
Gainers on Bursa Malaysia included F&N, which rose 68 sen to RM28.78, Kuala Lumpur Kepong, which gained 52 sen to RM21.48, Lysaght Galvanized, which added 37 sen to RM2.68, and Dutch Lady
, which climbed 24 sen to RM32.30.
Among the decliners, Nestle fell 92 sen to RM91.08, Malaysian Pacific Industries, which lost 32 sen to RM47.74, United Plantations, which shed 22 sen to RM33.26, and Far East Holdings, which declined nine sen to RM3.81.
