KUALA LUMPUR: Malaysian stocks were slow to push off the start line with the FBM KLCI, already higher for three straight sessions, idling at Tuesday's opening at 1,683.42.
According to Apex Securities, there are some catalysts to watch for in the days ahead, including Samsung's preliminary Q2 earnings scheduled for today and SK Hynix's Nasdaq ADR listing on Friday. Domestically, Bank Negara's overnight policy rate decision is due on Thursday and the Johor state election will be held on Saturday.
"For the KLCI, this suggests the path of least resistance remains modestly higher near-term, but gains are likely to stay narrow and heavyweight-led (banks, plantation) rather than broad-based, until regional tech/semiconductor sentiment fully stabilises.
"We'd stay selectively constructive but avoid chasing strength, given the string of event risks over the coming week," it said in its market outlook.
On the technical charts, the research firm said the close above the Double Top neckline at 1,673 reinforces the near-term recovery and increases the likelihood of a retest of the 1,690-resistance level.
"A decisive breakout above 1,690 would invalidate the bearish Double Top formation and signal the potential resumption of the broader uptrend. Conversely, a pullback below 1,673 would weaken the recent bullish momentum and place this week's gains at risk."
Among the leading gainers on Bursa Malaysia, Carlsberg gained 12 sen to RM16.38, LPI capital rose 10 sen to RM15 and Allianz added 10 sen to RM21.20.
Top actives included RNG Tech, which made its debut on the ACE Market, gaining 0.5 sen to 13.5 sen. Permaju Industries was flat at one sen and Asdion
down 1.5 sen to 0.5 sen.
