KUALA LUMPUR: The FBM KLCI clawed back from earlier losses to trade almost flat at midday, as bargain hunting helped the benchmark index recover from its morning low.
The market barometer was almost flat at midday, recovering from a morning low of 1,676.10 to edge up a measly 0.04 of a point to 1,683.54.
Market breadth was negative, with 509 losers outpacing 418 gainers, while 510 counters were unchanged. Turnover stood at 1.844 billion shares worth RM1.35bil.
Apex Securities expects the FBM KLCI to maintain its recovery momentum in the near term, supported by improving global risk sentiment, particularly amid renewed strength in technology and semiconductor stocks.
The brokerage noted that the retreat in oil prices could also ease inflationary concerns and improve overall market sentiment, while expectations of further progress at the upcoming Trump-Xi meeting may lend support to regional equities.
Nevertheless, Apex said market conditions are likely to remain volatile as investors continue to assess developments in the US-Iran conflict, the outlook for global interest rates and elevated US Treasury yields.
“Domestically, recent weakness could continue to encourage bargain hunting, although the sustainability of the rebound will likely depend on improvements in external sentiment and follow-through buying,” it added.
Apex Securities said technology stocks could remain on investors’ radar amid renewed strength in global AI and semiconductor counters, although the sector remains sensitive to movements in US Treasury yields.
“Utilities may also continue to attract defensive interest, supported by resilient electricity demand and ongoing grid and energy-transition investments.”
Meanwhile, TA Securities said further upside is expected to remain measured as investors adopt a wait-and-see stance ahead of the upcoming meeting between US President Donald Trump and Chinese President Xi Jinping.
It pegged immediate resistance for the FBM KLCI at 1,722, followed by 1,759 and 1,805, while immediate support is seen at 1,655, followed by 1,610 and 1,564.
Among the top gainers, Malaysian Pacific Industries
rose 78 sen to RM43.98, Nestle gained 36 sen to RM89.52, KESM added 31 sen to RM4.32, PETRONAS Gas climbed 28 sen to RM17.56 and F&N advanced 26 sen to RM23.06.
In contrast, Heineken fell 34 sen to RM13.48, BLD Plantation shed 30 sen to RM14.70, Hong Leong Bank lost 28 sen to RM23.10, United Plantations declined 26 sen to RM33.28 and Hong Leong Industries slipped 24 sen to RM16.82.
