KUALA LUMPUR: The FBM KLCI opened higher on Thursday, buoyed by overnight gains on Wall Street, although trading remained cautious in early dealings.
Overnight, Wall Street closed higher on AI optimism, with the Dow Jones Industrial Average rising 0.69% to 52,856.09, the S&P 500 gaining 0.58% to 7,757.17 and the Nasdaq Composite advancing 1.05% to 26,702.86.
Back home, the FBM KLCI was marginally lower by 0.02 point at 1,602.25 as at 9.28am, paring earlier gains after opening 2.49 points higher at 1,604.76.
Among the top gainers, KLK rose 22 sen to RM20.30, followed by Westports, which gained 17 sen to RM6.94, and LPI Capital, up 14 sen to RM13.30.
UWC added nine sen to RM7.39, while Ranhill Utilities climbed seven sen to RM3.18.
Among the top losers, UTD Plantation fell 16 sen to RM30.10, while Kim Loong, KPJ Healthcare
, PPB Group and RHB Bank shed five sen each to RM2.50, RM2.34, RM8.55 and RM7.32, respectively.
“The FBM KLCI may attempt to stabilise above the 1,600 level, with selective bargain hunting providing near-term support with the immediate resistances at 1,612-1,620 points,” Berjaya Research Sdn Bhd said.
It said immediate resistance was seen at 1,612 to 1,620 points, while support was pegged at 1,590 points, followed by 1,580 points.
The research house said a sustained market recovery would depend on improving foreign fund flows and broader buying interest.
Investors would also be monitoring the ongoing US corporate earnings season, particularly results from major technology companies, for further cues on global risk appetite and regional market sentiment.
Meanwhile, the US Dollar Index's decline to a three-week low, coupled with easing US Treasury yields, could provide a favourable backdrop for Asian equities.
Berjaya Research expects the broader market to remain cautiously positive, supported by bargain hunting in beaten-down stocks and rotational interest, as investors await fresh catalysts.
Meanwhile, Rakuten Trade expects the FBM KLCI to trend between 1,595 and 1,610 points today amid cautious sentiment and a lack of buying conviction.
It said the benchmark index managed to stay above the 1,600-point level in the previous session as bargain hunting persisted, although subdued trading value of RM2.58bil reflected continued investor caution.
