FBM KLCI rises on positive earnings expectations

KUALA LUMPUR: The FBM KLCI paced higher at the start of trading, defying expectations of a weaker open following Wall Street's tech sell-off overnight.
The Malaysian index was up 3.71 points to 1,591.92, inching closer to the crucial 1,600 level as investors opted for optimism ahead of blue-chip earnings slated for release this week and next.
TA Securities had anticipated the market to stay in consolidation mode with a downward bias, as sentiment is weighed down by the absence of domestic catalysts while investors await Federal Reserve chair Jerome Powell's remarks at a key economic conference later this week.
"Immediate support stays at the 50%FR (1,527) with stronger supports seen at the 38.2%FR (1,490) and the 23.6%FR (1,444). Immediate resistance remains at 1,610, the 76.4%FR, with next upside hurdle at the December 2024 high of 1,644, followed by stronger resistance at 1,684," said the research firm in its market commentary.
Among the key gainers on the market, Gamuda rose eight sen to RM5.70 after announcing its tie-up with SD Guthrie to develop solar farms.
PETRONAS Chemicals maintained its rally for a fourth day, rising 23 sen to RM4.41 while PETRONAS Gas gained 16 sen to RM18.90.
Sunway Construction jumped seven sen to RM5.89.
Of actives, Green Packet was up 0.5 sen to 4.5 sen, CBH Engineering rose one sen to 32 sen and JCY dropped 2.5 sen to 26 sen.

Sumber : thestar.com.my