KUALA LUMPUR: Profit-taking after six consecutive sessions of gains, coupled with weaker regional market performance, dragged Bursa Malaysia into negative territory at the midday break.
At the lunch break, the FBM KLCI was down 9.09 points, or 0.52%, at 1,739.08 after recovering from its intra-morning low of 1,735.84.
There were 442 gainers, 517 losers and 527 counters traded unchanged on Bursa Malaysia. Turnover stood at 1.8 billion shares valued at RM1.3bil.
“We expect the FBM KLCI to keep its positive momentum on Thursday, with the index likely to test the 1,760–1,770 resistance zone after breaking decisively above 1,735,” Apex Securities said.
The brokerage said regional sentiment remains constructive following Wednesday's broad-based rally in Asian semiconductor stocks.
However, a reported Houthi attack on a Saudi oil tanker has interrupted the recent decline in oil prices and could keep them volatile in the days ahead.
“Meanwhile, Investors will also focus on the upcoming U.S. July non-farm payrolls for fresh signals on the Federal Reserve's policy outlook.
“Barring any significant deterioration in geopolitical conditions, we expect the local market to maintain its positive momentum,” Apex said.
Meanwhile, TA Securities said blue-chip stocks are likely to extend their gains in the near term, supported by strengthening technical signals and easing crude oil prices.
However, the brokerage said selling pressure could intensify as the index approaches overbought territory.
"Immediate resistance for the index stays at the 123.6% FP Fibonacci projection (FP) level of 1,758, followed by tougher upside hurdles at the 138.2% FP level of 1,804 and the 150% FP level of 1,841.
"On the downside, immediate support is set at the 100% FP level of 1,684, with stronger support coming from the June 2026 low of 1,655 and the 76.4% Fibonacci retracement (FR) level of 1,610,” TA Securities said.
Among the decliners on Bursa Malaysia, Heineken Malaysia
tumbled RM1.28 to RM17.82, Carlsberg slid 90 sen to RM14.98, Nestle declined 60 sen to RM101.90 and Press Metal lost 25 sen to RM8.06.
Malaysian Pacific Industries was the top gainer on Bursa Malaysia, rising 70 sen to RM47.64. UWC added 28 sen to RM6.76, Theta Edge gained 14 sen to 69 sen and ViTrox climbed 14 sen to RM9.24.
