KUALA LUMPUR: The FBM KLCI remained broadly higher at midday on buying support in index-linked counters, led by Kuala Lumpur Kepong and PPB amid advances in regional bourses.
At midday, the market bellwether rose 3.4 points, or 0.24% to 1,442.36.
There were 399 gainers, 329 losers and 444 counters traded unchanged on the Bursa Malaysia. Turnover stood at 1.63 billion shares valued at RM887.7mil.
Leading the mover on the index was Kuala Lumpur Kepong, jumping 34 sen to RM21.86, pushing the index up by 0.5345 points.
PPB closed 28 sen higher at RM14.80, adding 0.5792 points to the index while Axiata rose four sen to RM2.42 nudging the index up by 0.5339 points.
Laggards among the KLCI component stocks were AmBank, Genting and MR DIY.
On the broader market, Heineken slid 14 sen to RM25.26, Hextar Technologies fell 10 sen to RM24.16, F&N jumped 58 sen to RM26.78 and Rapid gained 52 sen to RM26.40.
ACE Market debutant, Minox International Group rose 11 sen, or 44% to 36 sen with 229.97 million shares traded.
TA Securities said the overnight rebound on Wall Street should revive the local market today, but the undertone remained cautious as Middle East concerns persist.
“On the index, immediate overhead resistance stays at 1,450, with 1,465/1,470, and the 1,490/1,500 area acting as tougher upside hurdles. Immediate support remains at 1,400, with 1,390 and the end June low of 1,370 acting as crucial supports,” it said.
Meanwhile, Malacca Securities believes the focus may shift toward technology stocks given the positive sentiment from Wall Street.
It said the price of Brent oil price maintaining above the US$90 mark may provide trading impetus for the energy stocks.
“We favour the solar-related as well as the automotive sector as EVs and renewable energy were some of the key focuses in the Budget 2024,” it added.
