KUALA LUMPUR: The benchmark FBM KLCI was up 5.44 points or 0.33% to 1,635.80 points at the midday break as investors continued to stay on the sidelines awaiting key US jobs data later tonight that could influence the US Federal Reserve’s monetary policy.
Losers outpaced gainers 507 to 499 while 494 counters were traded unchanged amid bargain hunting in the first session of trade. There were 2.24 billion shares traded valued at RM1.26bil.
Apex Securities said the broader technical outlook remains sluggish, noting that with the FBM KLCI now approaching the next support at 1,626 points, some bargain hunting could emerge following the recent sell-off.
“A decisive move back above 1,650 would provide the first indication of improving momentum, with the next resistance at 1,660. On the downside, a break below 1,625 could open the way towards the next support at 1,580,” it said.
The brokerage said global bond markets remain the key swing factor, with US 10-year yields briefly touching their highest since 2002 and UK 30-year gilt yields at a 28-year high, while firmer oil prices after China's fuel export suspension and stalled US-Iran talks keep inflation concerns alive.
“Tonight's US September non-farm payrolls will be pivotal for Fed rate expectations. With Thursday's selloff broad-based, we expect the FBM KLCI to remain under pressure into the weekend, although the chip-led rally in North Asia could lend selective support to technology names,” it added.
TA Securities has kept immediate support for the FBM KLCI at 1,610 points, with stronger support at 1,564 points followed by 1,527 points. Immediate resistance stays at 1,684 points, with next upside hurdles at the June 2026 high of 1,722 points and 1,759 points ahead.
Technology stocks featured among the gainers, with Quek family-controlled Malaysian Pacific Industries
Bhd up 84 sen to RM41.96, Vitrox Corp Bhd gaining 34 sen to RM10.34, Dufu Technology Corp Bhd rising 13 sen to RM2.95 and UWC Bhd, with a gain of 36 sen to RM7.46.
United Plantations Bhd gained 36 sen to RM31.32, Tenaga Nasional Bhd up 16 sen to RM13.06, Petronas Chemicals Group Bhd rose 13 sen to RM4.26 and IHH Healthcare Bhd gained 11 sen to RM7.81.
