KUALA LUMPUR: A resilient performance in US markets on Friday lifted sentient in global equities, including in Malaysia, even as concerns over future rate hikes continued.
At the opening bell, Bursa Malaysia's benchmark FBM KLCI rose 5.22 points to 1,458.77, which erased the losses made in the previous week.
Kenanga Research said in its technical review that the FBM KLCI will strive to stay above its immediate support threshold of 1,440 points, which coincides with where it had previously plotted a gap-up of 4% amid strong trading volume on Nov 24 last year.
"And with both the stochastic and RSI indicators set to climb out from the oversold territory, the FBM KLCI could tread with a slight positive bias ahead, probably pulling away from S1 towards our first resistance hurdle of 1,475," it added.
The research firm noted that the coming week will feature an interesting ilne-up of events inculding the Palm & Lauric Oils Price Outlook Conference, which will provide the latest insight into the supply-dynamics in the oil pam industry and CPO price expectations.
Invest Malaysia 2023 will take place on Wednesday where the Prime Minister will deliver his keynote address and fund managers will meet Corporate Malaysia to hear the latest stock market developments.
Also, Bank Negara's monetary policy committee will meet on Thursday to determined the overnight policy rate moving forward.
On Bursa Malaysia, early movers include PETRONAS Dagangan rising 24 sen to RM21.10 and PETRONAS Gas adding 16 sen to RM16.68.
Kuala Lumpur Kepong gained 12 sen to RM21.12 while United Plantation rose 10 sen to Rm16.58.
MPI was seen climbing 14 sen to RM29.64 and Pentamaster put on nine sen to RM4.70.
Top actives on the market included Velesto
gaining one sen to 22.5 sen, SMRT rising four sen to 53 sen and Meta Bright unchanged at 17 sen.
