Apex Securities Bhd head of research Kenneth Leong said that the FTSE Bursa Malaysia KLCI (FBM KLCI) extended its gains today, driven by modest dovish remarks from the US Federal Reserve (Fed) chairman Jerome Powell on the interest rate direction.
“Technically, the FBM KLCI has formed another bullish candle as the key index retained its position above 1,600 today.
“We maintain our upward bias projection for the key index as it looks to re-test the immediate resistance located at 1,630, while the downside support remains pegged at 1,580,” he told Bernama.
He said investors will be keeping a close tab on Malaysia’s retail sales data and Bank Negara Malaysia (BNM)’s interest rate decision tomorrow.
Meanwhile, Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the key regional indices ended the day somewhat mixed as the market’s attention remained on the timing of the Fed’s potential interest rate cuts.
He said Japan’s Nikkei 225 rose 0.61% to 41,831.99, South Korea’s Kospi increased 0.02% to 2,867.99, and Singapore’s Straits Times Index firmed 0.99% to 3,459.93.
Hong Kong’s Hang Seng Index eased 0.29% to 17,471.67 and Shanghai SSE Composite Index fell 0.68% to 2,939.36.
Thong said investors are focused on Thursday’s US consumer inflation figures, hoping for further proof that price growth is easing, which would likely strengthen the Fed’s resolve to reduce rates.
As for the local bourse, he said the benchmark index continues its upward trajectory backed by a consistent influx of foreign buying support.
“We believe the present momentum will draw more investors, especially retail investors, into the market.
“The FBM KLCI is anticipated to trend within the 1,610-1,630 range for the rest of the week,” he told Bernama.
At 5pm, the FBM KLCI rose 3.96 points to 1,618.38 from Tuesday’s close of 1,614.42.
The key index opened 0.71 of-a-point easier at 1,613.71 and moved between 1,613.65 and 1,620.83 throughout the day.
On the broader market, gainers led decliners 569 to 549, with 518 counters unchanged, 784 untraded and six suspended.
Turnover increased to 4.76 billion units worth RM3.71 billion from 4.65 billion units worth RM3.84 billion yesterday.
Bursa heavyweights Maybank dropped 4 sen to RM10.02 and Tenaga Nasional fell 2 sen to RM14.40.
IHH Healthcare was flat at RM6.30, while Public Bank increased 3 sen to RM4.14 and CIMB climbed 12 sen to RM7.09.
As for the most active counters, Dataprep perked up 3.5 sen to 24.5 sen, WCT Holdings bagged 8 sen to RM1.05, Jaks Resources added 1 sen to 18 sen, and Cabnet advanced 11 sen to 70 sen, while Hubline was 0.5 sen lower at 7.5 sen.
On the index board, the FBM Emas Index increased 37.5 points to 12,510.38, the FBMT 100 Index rose 39.98 points to 12,085.91, the FBM Emas Shariah Index garnered 29.14 points to 12,857.26, the FBM 70 Index expanded 99.43 points to 18,563.53, and the FBM ACE Index improved 24.32 points to 5,974.58.
Sector-wise, the financial services index put on 39.04 points to 17,748.81, the plantation index rose 25.85 points to 6,957.97, the energy index ticked up 0.38 of-a-point to 984.95, while the industrial products and services index slid 0.03 of-a-point to 200.06.
The Main Market volume swelled to 2.88 billion units valued at RM3.22 billion from 2.74 billion units valued at RM3.4 billion yesterday.
Warrants turnover slipped to 905.55 million units worth RM115.5 million compared with 987.46 million units worth RM116.99 million yesterday.
The ACE Market volume expanded to 970.78 million shares valued at RM365.76 million against 920.83 million shares valued at RM322.83 million previously.
Consumer products and services counters accounted for 388.26 million shares traded on the Main Market; industrial products and services (612.56 million); construction (330.13 million); technology (455.02 million); SPAC (nil); financial services (136.24 million); property (271.76 million); plantation (60.87 million); REITs (12.51 million); closed/fund (18,600); energy (171.77 million); healthcare (74.85 million); telecommunications and media (47.96 million); transportation and logistics (116.17 million); utilities (207.99 million); and business trusts (825,200).