Bursa Malaysia bounces higher after two-day slump

The Star

6 hours ago

KUALA LUMPUR: After a two-day slump, the Malaysian stock index may take Wall Street's lead and see a return of buying interest.
As was observed over the course of the week, the FBM KLCI was off to a slow start, inching up a mere 0.39 points to 1,511.89 as investors looked for solid leads to whet their risk appetite.
However, the index shot up a solid 6.15 points to 1,517.65 within the first 10 minutes of trading, indicating a rebound was taking root.
US stocks were galvanised overnight after US President Donald Trump doused rumours that he was looking to fire Federal Reserve chair Jerome Powell.
The remarks given by Trump to reporters redirected the market's attention from recent hot inflation numbers, which economists say could keep interest rates elevated for longer.
However, TA Securities remained cautious given the bearish technical momentum.
In a commentary, the research firm said stocks were forced to extend profit-taking consolidation given the lack of domestic positive catalysts weighing on the sentiment.
"Immediate index support remains at 1,490, with stronger supports found at 1,465 followed by 1,444. Immediate resistance stays at 1,564 with next upside hurdles seen at the recent high of 1,586, followed by 1,610 ahead," it said.
On the FBM KLCI, leaing stocks included Hong Leong Bank up 22 sne to RM19.20, Gamuda rising six sen to RM5.09 and MISC rising seven sen to RM7.54.
Of actives, ACE Market debutant ICents jumped five sen to 29 sen on strong investor interest.
NexG gained 0.5 sen to 49 sen and TWL was flat at three sen.