PETALING JAYA: The FBM KLCI closed higher yesterday, recovering from early losses even as broader market sentiment remained weak, with more than 770 counters ending in the red.
The benchmark index rose 3.91 points, or 0.24%, to 1,619.51, after trading between 1,607.15 and 1,623.33 during the session.
Market breadth was negative, with 774 losers outpacing 324 gainers, while 501 counters were unchanged. Total trading volume stood at 2.654 billion shares valued at RM2.1bil.
A dealer said the near-term outlook for the Malaysian stock market remains cautious, with continued volatility and uneven trading expected. “The market is unlikely to turn decisively bullish or bearish for now, as investors remained selective amid lingering uncertainties,” he told StarBiz.
Meanwhile, BIMB Securities in a report said it expects the FBM KLCI to transition into a high-stakes consolidation mode within the 1,610 to 1,630 range as global macroeconomic events take center stage this week.
“Domestic fundamentals remain highly defensive, anchored by a record-shattering 54.5% year-on-year surge in goods exports and a vital reversal in foreign fund flows, which snapped a multi-week outflow trend to register a net inflow of RM254mil.
“While local value-driven proxies, and energy gainers will continue to draw support from a structurally tight Brent crude price holding firmly above the US$110 per barrel threshold, broader market momentum faces immediate pressure from volatile global forces.”
The research house noted that investors are bracing for a heavy weekly schedule dictated by the US presidential mid-term election, the Federal Reserve’s policy direction, and Bank Negara Malaysia’s impending overnight policy rate decision.
“This macroeconomic overhang will likely keep a tight lid on aggressive upside breakouts, while solid corporate backstops and stabilising regional trade data defend the critical 1,600 psychological support baseline.”
Meanwhile, Mega Fortris Bhd led the gainers, surging 66 sen to RM2.88, followed by Fraser & Neave Holdings Bhd
, which rose 32 sen to RM20.28, Petronas Dagangan Bhd, up 28 sen to RM19.78, MISC Bhd, which gained 27 sen to RM8.52, and Westports Holdings Bhd, up 25 sen to RM7.10.
On the losing end, technology stocks featured prominently, with Vitrox Corp Bhd falling 42 sen to RM10.48 and MI Technovation Bhd shedding 23 sen to RM6.30. Carlsberg Brewery Malaysia Bhd also slipped 22 sen to RM12.58.
Pentamaster Corp Bhd and Solarvest Holdings Bhd declined 20 sen each to RM5.47 and RM4.11, respectively.
Among the actives, Zetrix AI Bhd slipped half a sen to six sen, with 166.48 million shares traded, while Ni Hsin Group Bhd gained eight sen to 34 sen on volume of 64.89 million shares.
On the foreign-exchange market, the ringgit eased 0.33% to 4.0712 against the US dollar and edged down 0.31% to 3.1870 against the Singapore dollar.
On the external front, regional markets ended mostly higher, with Japan’s Nikkei 225 slipping 0.33%, while South Korea’s Kospi gained 2.24%. Hong Kong’s Hang Seng rose 0.42%, while China’s CSI 300 and Shanghai Composite advanced 0.79% and 1.08%, respectively.
Reuters reported that Singapore stocks fell with the Straits Times Index sliding as much as 2% to its lowest level since early July, dragged down by banking stocks.
