At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.07% or 1.03 points higher to finish at 1,492.23 from yesterday’s close of 1,491.20.
Tenaga Nasional added 20 sen to RM8.26, while Sime Darby Plantation rose 13 sen to RM4.36. These counters contributed a combined 3.5 points to the FBM KLCI.
The benchmark index, which opened 0.03 points easier at 1,491.17, hit its intraday low of 1,488.07 at mid-afternoon and intraday high of 1,497.53 at mid-morning.
The overall market breadth was positive with gainers outnumbering losers 557 to 383, while 412 counters were unchanged, 935 not traded, and 54 others suspended.
Total turnover was reduced to 2.79 billion units worth RM1.98 billion from 2.83 billion units worth RM1.81 billion yesterday.
Malacca Securities Sdn Bhd senior analyst Kenneth Leong said the FBM KLCI encountered some quick profit-taking activities during midday following yesterday’s sharp rally.
“Nevertheless, the final-hour buying support in selected index heavyweights sent the key index to close marginally higher today.
“Moving forward into August, we are entering the quarterly reporting month and corporate earnings releases will dictate market movement,” he told Bernama.
Technically, he noted, the resistance is set at 1,500, while support is pegged at 1,460.
Meanwhile, Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said Malaysian equities would continue to trend higher with buying mainly in technology, plantation and energy stocks.
“Despite the cautious market undertone in the region, we expect the FBM KLCI to continue its uptrend in the near term given the cheap valuations of local stocks, continuous inflow of foreign investors and the improving macroeconomic situation in the country.
“Hence, we anticipate the FBM KLCI to test the 1,500 psychological level and trend within the range of 1,490 to 1,510 next week,” he said.
Thong told Bernama that after breaking the 1,500 level, the FBM KLCI should see the next resistance at 1,530, with support at 1,460.
Among the heavyweights, Maybank improved a sen to RM8.86, Petronas Chemicals declined three sen to RM8.88, CIMB Group lost seven sen to RM5.21, while both Public Bank and IHH Healthcare were flat at RM4.64 and RM6.39 respectively.
Of the actives, CSH Alliance was two sen lower at seven sen, Metronic Global and Sapura Energy trimmed half-a-sen each to 14 sen and four sen respectively, while LGMS edged up four sen to 84 sen and MyEG Services advanced a sen to RM77.5.