FBM KLCI Ends Slightly Higher At Midday On Cautious Sentiment
KUALA LUMPUR, May 28 (Bernama) -- The FTSE Bursa Malaysia KLCI (FBM KLCI) ended slightly higher at midday as bargain-hunting was offset by cautious sentiment amid persistent global uncertainties.
At 12.30 pm, the FBM KLCI increased 0.34 of a point to 1,526.50 from Tuesday's close of 1,526.16.
The benchmark index opened 3.98 points higher at 1,530.14, and fluctuated between 1,524.04 and 1,532.80 throughout the morning session.
In the broader market, decliners led gainers 418 to 349, with 468 counters unchanged, 1,161 untraded and 50 suspended.
Turnover stood at 1.49 billion units worth RM931.68 million.
Hong Leong Investment Bank Bhd said it expects the FBM KLCI to remain volatile in the near term as investor sentiment stays cautious amid the earnings peak this week and continued foreign net outflows.
'Concerns over a tariff-driven global slowdown continue to weigh on market confidence, posing risks to Malaysia's economic momentum and corporate earnings,' it said in a note today.
That said, downside risks may be mitigated by encouraging remarks from Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz on potential US-Malaysia trade deal prospects and strategic collaboration opportunities with ASEAN, Gulf Cooperation Council and China, it added.
The investment bank said key weekly support is established between the 1,500 and 1,519 levels, while resistance is expected to emerge within the 1,550 to 1,570 range.
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