KUALA LUMPUR: The FBM KLCI rose just slightly following the tech-led rally on Wall Street overnight, with traders looking to pick up bargains from the oversold equities.
The benchmark index rose a mild 2.25 points to 1,669.19 in the first five minutes of trading.
Apex Securities, however, cautioned that upside could remain capped by elevated US Treasury yields, expectations for further US monetary tightening and ongoing geopolitical uncertainties.
It noted that the retreat in oil prices could provide some near-term relief to sentiment. Brent crude futures for November delivery dipped below US$100 a barrel overnight, as supplies through the Strait of Hormuz showed signs of continuing despite the conflict.
"We expect investors to remain selective, with bargain hunting focused on fundamentally resilient counters," said Apex in its market outlook.
Meanwhile, the research firm expects technology stocks to remain in focus following the strong rebound in global AI and semiconductor stocks. It said utilities counters could attract interest after outperforming the broader market.
"Construction and Plantation may remain selective plays, supported by ongoing project activity and elevated CPO prices, respectively," it added.
Among the blue chips, traders nibbled on Maybank, rising two sen to RM10.40, CIMB gaining four sne to RM7.69 and Press Metal
rising six sen to RM7.64.
AirAsia remained a top traded share amid speculation over its financial health, rising two sen to 55 sen.
Aimax was the top traded stocks, unchanged at one sen, while Zetrix AI also lay flat against 20 sen.
