KUALA LUMPUR: The FBM KLCI jumped at midday and headed towards a four-day winning streak.
At 12.30pm, the benchmark index rose 8.18 points, or 0.55% to 1,495.79 on continuous buying support in heavyweight stocks.
There were 635 gainers, 401 losers and 394 counters traded unchanged on the Bursa Malaysia. Turnover stood at 4.32 billion shares valued at RM2.16bil.
The top gainer on Bursa Malaysia was MCE Holdings, which jumped 32 sen, or 20.78% to RM1.86. Nestle added 30 sen to RM118.10, Kuala Lumpur Kepong gained 22 sen to RM22.22 and Affin rose 21 sen to RM2.39.
YTL Power continued its uptrend, rising 18 sen, or 5.59% to RM3.40. The counter has risen over 40% in a month.
Meanwhile, the top loser was Rapid, which tumbled RM1.24, or 4.78% to RM24.68. Malaysian Pacific Industries
lost 42 sen to RM28.10, Panasonic Manufacturing fell 24 sen to RM17.92 and United Plantations declined 22 sen to RM18.20.
Inter-Pacific Research said although the strong up-moves are welcomed to end the dour trend that had engulfed the FBM KLCI for most of 2023, the moves may have been overdone as market conditions are becoming toppish.
“For now, however, there are still no signs of any pullback as yet and this could still see the key index making further upsides as market conditions remain firm with the continuing fresh buying interest to prolong the upward streak,” the research house said.
It noted that further upsides may become more modest as the key index has regained its 2023 losses and there is little change to Bursa Malaysia’s fundamentals.
“On the upside, the 1,490 level could become a key hurdle, with the ensuing resistance at 1,494 points. The supports, meanwhile, are at 1,480 and 1,477 points respectively,” Inter-Pacific said.
Meanwhile, Malacca Securities believes the buying support may take a breather this week after a strong upward move last week.
“Despite profit-taking activities may emerge on the broader market, the trading interest may continue within selected sectors such as the technology sector as the sector just had a flag breakout last week.
“Also, we still like the Johor theme with the KL-SG HSR to have more clarity after the RFI deadline by Jan 15; benefiting the property, construction, building material and utilities sectors,” it said.
