FBM KLCI inches higher along consolidation path

KUALA LUMPUR: The FBM KLCI moved slightly higher on Wednesday but remained firmly within a consolidation path as traders awaited fresh catalysts to return to the market.
The benchmark index inched up 0.83 points to 1,617.56 at the starting buzzer.
99 Speed Mart led the gains, rising eight sen to RM3.38, while RHB rose four sen to RM6.74 and Telekom Malaysia added five sen to RM7.23.
Outside of the main index, LPI Capital climbed eight sen to RM14.30 and Vitrox jumped six sen to RM4.41.
Verdant Solar made its debut on the ACE Market as the most actively traded counter. As at 9.07am, it was up six sen to 37 sen after 34.17 million shares done.
Other actives included HHRG gaining 0.5 sen to 7.5 sen and L&G rising 0.5 sen to 18.5 sen.
Sentiment has somewhat improved on the domestic market, according to TA Securities, but stronger buying momentum and a liquidity boost will be needed to sustain a rise to higher ground.
"Immediate resistance stays at the December 2024 high of 1,644, with the highs of 1,684, and 1,695 as tougher upside
hurdles. Immediate support remains intact at the 61.8%FR (1,564), with stronger supports seen at the 50%FR (1,527) followed by the 38.2%FR (1,490)," it said in a market commentary.
Rakuten Trade said local institutions remained as the main buyers amid an improving domestic economy. It anticipates the index to trend within the 1,615-1,625 range today.

Sumber : thestar.com.my