FBM KLCI edges up at midday amid cautious market sentiment
KUALA LUMPUR: Bursa Malaysia ended the morning session on a firmer note, with the FBM KLCI edging higher amid cautious market sentiment and lingering external headwinds.
At the lunch break, the benchmark FBM KLCI rose 3.37 points, or 0.22%, to 1,520.16, after touching an intraday high of 1,521.64.
There were 437 gainers, 370 losers and 425 counters traded unchanged on the Bursa Malaysia. Turnover stood at 1.68 billion shares valued at RM888.4mil.
TA Securities said immediate resistance for the FBM KLCI remained at 1,564, with stronger hurdles at the recent high of 1,586 and then 1,610. Immediate support is at 1,490, with firmer support at 1,465 and 1,444.
'As for stock picks this week, key gaming, banking, construction, and technology heavyweights and lower liners such as Genting, Genting Malaysia, Maybank, Public Bank, MRCB, WCT Holdings, Globetronics, and Inari should again attract bargain hunters looking for potential recovery at current oversold levels,' it added.
Meanwhile, Hong Leong Investment Bank Research said the FBM KLCI may continue to trend sideways with a slight upward bias, supported by last week's constructive call between Trump and Xi and the commencement of the second round of US-China trade talks in London today.
That said, it noted that broader market sentiment remained cautious amid ongoing foreign outflows, uncertainty over the US-Malaysia tariff deal, and June's historically weak seasonality.
'Concerns are further amplified by a weakening global trade environment, ongoing macroeconomic headwinds, the Trump administration's unpredictable trade stance, and the potential for domestic subsidy rationalisation in 2H25 — all of which may cloud Malaysia's growth and earnings outlook,' it said.
On Bursa Malaysia, Malaysian Pacific Industries led the gainers, climbing 70 sen to RM20.90. Ayer rose 36 sen to RM7.60, Chin Tek added 30 sen to RM9.10 and F&N climbed 26 sen to RM27.64.
Meanwhile, the top decliner was Nestle, which lost RM2.48 to RM74.64. PETRONAS Dagangan fell 36 sen to RM20.64, LPI Capital eased 26 sen to RM14.64 and United Plantations gave up 22 sen to RM21.42.
Hartanah Kenyalang saw active trading on its ACE Market debut, with 16.67 million shares changing hands as the stock eased 0.5 sen to 15.5 sen.
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