FBM KLCI holds steady as selective buying supports market
KUALA LUMPUR: The FBM KLCI held firm through the morning session, supported by selective buying interest amid cautious sentiment and ongoing US-China trade uncertainty.
The FBM KLCI gained traction through the morning session, rising 2.08 points, or 0.14%, to 1,521.49 at the midday break after touching an intra-morning high of 1,522.30.
Winners and losers were closely balanced, with 384 gainers against 382 losers and 466 that were flat. Volume was 1.8 billion shares, valued at RM883.3mil.
Hong Leong Investment Bank Research said the FBM KLCI may continue to trend sideways with an upward bias, following a positive phone call between Trump and Xi last week and the start of the second round of US-China trade talks, which are set to continue for a second day in London today.
That said, sentiment remains cautious amid foreign outflows, uncertainty over the US-Malaysia tariff deal, and June's typically weak performance. Global trade concerns, economic headwinds, and potential local subsidy cuts in 2H25 also weigh on the outlook.
Meanwhile, Malacca Securities expects the local bourse to trade softer, with investors focusing on fundamentally strong companies for buying opportunities.
'We favour Inta Bina, supported by its strong ties to major developers like Gamuda. Meanwhile, as the market factors a rate-cut environment, REITs could attract interest due to their healthy yields of over ~4%.
'We believe Sunway REIT presents a decent opportunity, in view of the recent breakout and its uptrend intact share price movements,' it said.
Malaysian Pacific Industries led the gainers, rising 32 sen to RM21.22, followed by Nestle, which climbed 26 sen to RM76. Heineken added 18 sen to RM26.98, while PPB Group gained 10 sen to RM11.08.
On the downside, Ayer slid 40 sen to RM7.20, Hong Leong Bank dropped 18 sen to RM19.52, Southern Acids lost 17 sen to RM2.93, and SHL Consolidated eased nine sen to RM2.15.
Newly listed Paradigm-REIT edged up one sen, or 1%, to RM1.01 with 26.51 million shares traded, making it one of the most active counters on Bursa Malaysia.
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