FBM KLCI edges higher at midday as market recovers from early dip
The FBM KLCI rebounded from earlier losses to rise two points, or 0.13%, to 1,550.99, after reaching an intramorning high of 1,551.78.
Market breadth was mixed, with 411 gainers and 414 decliners, while 441 counters remained untraded. Trading volume stood at nearly two billion shares, valued at RM1.11 billion.
Genting Plantations, the top gainer on Bursa Malaysia, rose 22 sen to RM5.23. Hong Leong Bank added 12 sen to RM19.70, Hong Leong Financial Group gained 10 sen to RM16.56 and Malaysian Pacific Industries climbed 10 sen to RM22.70.
Among the losers, Nestle tumbled RM2 to RM78, Dutch Lady eased 46 sen to RM29.22, PETRONAS Dagangan lost 46 sen to RM21.50 and Westports fell 32 sen to RM5.48.
TA Securities said the local market is likely to remain in a consolidation phase, weighed down by a lack of strong domestic catalysts and lingering uncertainty over a potential trade deal with the United States.
'Immediate index support is kept at 1,490, with stronger supports found at 1,465 followed by 1,444.
'Immediate resistance remains at 1,564 with next upside hurdles seen at the recent high of 1,586, followed by 1,610 ahead,' TA said.
Meanwhile, Malacca Securities believes the local bourse may trade on a firmer footing for the session. This follows a positive lead from Wall Street, driven by sustained buying interest in tech stocks after the de-escalation of the US-Vietnam trade deal, along with the return of foreign funds over the past week.
'We anticipate the resumption of data center theme could lead to more positive trading activity within the technology and telco sectors, where Telekom Malaysia has recently experienced a breakout move,' it said.
Malacca Securities said that for a more conservative play, it favours IGB REIT and Sunway REIT, citing active asset acquisitions and sustained interest in the sector.
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