KUALA LUMPUR: The FBM KLCI edged up at midday, but the broader market remained cautious.
At the lunch break, the market bellwether gained 2.31 points, or 0.14%, to 1,617.63, after hitting an intra-morning high of 1,619.75.
There were 569 decliners compared with 470 gainers, with a trading volume of 3.06 billion shares valued at RM2bil.
ACE Market debutant Ocean Fresh jumped 189.29%, or 53 sen, to 81 sen, with 120.44 million shares traded.
Among the top gainers, Westports rose 24 sen to RM4.48, F&N increased by 20 sen to RM31.94, PIE Industrial added 19 sen to RM6.46, and United Plantations climbed 16 sen to RM25.
Conversely, Toyo Ventures slid 32 sen to RM1.06, Heineken fell 28 sen to RM22.22, Dutch Lady
declined 24 sen to RM35.84, and Malaysian Pacific Industries lost 20 sen to RM39.48.
Rakuten Trade believes the local bourse may have emerged from its consolidation phase, expecting the index to trend within the 1,615-1,630 range today.
Meanwhile, crude oil prices firmed up due to lower inventory, with Brent inching towards the US$88 per barrel level.
TA Securities said the local market should mirror regional strength as improving economic data and increased hopes for interest rate cuts, with the US Fed chief indicating slowing inflation ahead, lift sentiment.
“Immediate index resistance remains at the early June high of 1,622, with the May high of 1,632 and 1,640 as tougher upside hurdles, while stronger supports are at 1,568, the 100-day moving average level, followed by 1,550,” it added.
