KUALA LUMPUR: Traders on Bursa Malaysia are cautiously positive ahead of the Merdeka Day celebrations, with the FBM KLCI making a slight retracement after the previous day's fall.
Trading on the Malaysian market is expected to remains earnings-driven on the final day of the corporate earnings results period, with a few heavyweight companies yet to submit their reports.
The FBM KLCI was up 3.09 points to 1,744.81 at 9.03am, suggesting some tentative buying interest before the market shutters for the holiday weekend.
Apex Securities expects the FBM KLCI to trade higher with pre-Merdeka buying interest providing further support, and as investors digest the latest corporate earnings and company developments.
Meanwhile, Nvidia's stronger-than-expected earnings and upbeat outlook could provide further support to technology and semiconductor sentiment, while attention will shift to Federal Reserve Chair Kevin Warsh's Jackson Hole speech later today for clues on the U.S. interest rate outlook.
"Overall, we expect the market to remain supported by improving technology sentiment and pre-Merdeka positioning, although investors are likely to remain selective amid ongoing earnings releases and external uncertainties," said the research firm in a note.
On the technical side, the FBM KLCI remains below the 1,750-1,760 resistance zone after retreating from its intraday high, while holding above its 9- and 20-day moving averages.
"A decisive breakout above 1,755 would strengthen the bullish momentum and pave the way towards the 1,770–1,775 area. On the downside, 1,720 is the immediate support, followed by 1,700 should further profit-taking emerge.
"Overall, the near-term bias remains positive, although the index needs to clear the 1,750–1,760 resistance zone to sustain its upward momentum," it said.
Stocks seeing some positive interest include IHH rising 17 sen to RM8.32, Maybank gaining six sne to RM10.68 and IOI Properties
climbing seven sen to RM4.06.
MISC dove 37 sen to RM8.11, CIMB shed 11 sen to RM7.96 and Hong Leong Bank dropped 14 sne ot RM23.74.
