KUALA LUMPUR: The FBM KLCI ended the morning session marginally higher on Tuesday, supported by gains in banking stocks, although broader market sentiment remained weak amid selling pressure on technology and semiconductor counters.
At the midday break, the FBM KLCI rose 2.80 points, or 0.17%, to 1,622.31 from Monday's close of 1,619.51.
The benchmark index opened 1.25 points higher at 1,620.76 and fluctuated between 1,616.19 and 1,625.88 during the morning session.
On the broader market, losers outnumbered gainers 585 to 308, while 474 counters were unchanged. Total turnover stood at 1.597 billion shares valued at RM1.21bil.
TA Securities expects cautious trading ahead of the US mid-term elections as political uncertainty keeps investors on the sidelines.
The research house pegged immediate resistance for the FBM KLCI at 1,659 points, followed by 1,700 and 1,759, while support is seen at 1,564, 1,527 and 1,490 points.
Apex Securities said Bank Negara Malaysia's overnight policy rate (OPR) decision on Nov 5, the upcoming third-quarter earnings season, and positioning ahead of the FBM KLCI's phased expansion from 30 to 50 constituents are expected to keep trading selective.
Investor sentiment is also likely to remain cautious amid political uncertainty surrounding the US midterm elections, the Sarawak and Melaka state elections and speculation over Malaysia's 16th general election.
"We expect the FBM KLCI to continue consolidating within the 1,600-1,630 range in the near term, with the PMI recovery offering modest support against lingering external AI-valuation and geopolitical risks," Apex Securities said.
Among the top gainers, United Plantations rose 44 sen to RM29.74, F&N gained 42 sen to RM20.70, and Carlsberg climbed 30 sen to RM12.88.
Banking stocks were also higher, with RHB Bank
advancing 28 sen to RM7.78, AmBank adding 19 sen to RM6.46, and Hong Leong Bank rising 14 sen to RM21.32.
Technology and semiconductor stocks remained under pressure, with Malaysian Pacific Industries falling 48 sen to RM39.30, Mi Technovation shedding 25 sen to RM6.05, Pentamaster declining 19 sen to RM5.28 and UWC slipping 16 sen to RM6.93.
Other decliners included PETRONAS Dagangan, which fell 38 sen to RM19.40, Kelington Group, down 24 sen to RM8.26, Hengyuan Refining Company, which lost 19 sen to RM3.64, and PETRONAS Chemicals, which shed 19 sen to RM4.55.
