FBM KLCI gains ground on positive Wall Street sentiment

KUALA LUMPUR: The FBM KLCI opened slightly higher on Thursday, supported by gains in selected heavyweights amid positive cues from Wall Street.
The 30-stock index climbed 3.89 points, or 0.24%, to 1,615.44 at 9:23 AM. It opened nearly flat, down just 0.16 points at 1,611.39.
Gainers included Carlsberg, which jumped 50 sen to RM15.92, Heineken, which added 30 sen to RM20.10, United Malacca, which rose 20 sen to RM5.90, and Genting, which climbed 15 sen to RM4.41.
Among the losers, Ideal Capital fell 10 sen to RM3.40, OM Holdings declined seven sen to 73 sen, ViTrox dropped six sen to RM4.23, and Dutch Lady eased six sen to RM26.64.
Overnight, the S&P 500 climbed 0.40% to end the session at 6,671.06 points.
The Nasdaq gained 0.66% to 22,670.08 points, while the Dow Jones Industrial Average declined 0.04% to 46,253.31 points.
Malacca Securities said the FBM KLCI is expected to track Wall Street's positive overnight performance and extend its bullish momentum.
Separately, Berjaya Research Sdn Bhd expects the FBM KLCI to hold above the 1,600 psychological level and sustain its recovery momentum as external developments take a backseat.
"Aiding the recovery process is the International Monetary Fund (IMF) maintaining its projections for Malaysia's real gross domestic product (GDP) growth at 4.5% year-on-year (Y-o-Y) in 2025 and 4.0% Y-o-Y in 2026, respectively," it said.
Nonetheless, the research house noted that selective profit-taking may intermittently cap gains as investors remain watchful of global macro signals, including U.S. corporate earnings releases.
Technically, Berjaya Research said the FBM KLCI formed an inverted hammer candlestick and is poised for a consolidation.
"Investors will continue to monitor the recovery progress with a potential breakthrough above the 1,622 level that may lift the key index towards the next resistances located at 1,635 points and 1,657 points, respectively.
"Meanwhile, the supports are located at 1,611 points and 1,600 points respectively."

Sumber : thestar.com.my