KUALA LUMPUR: The FBM KLCI extended its gains in the morning session on Thursday, although the advance remained modest as investors stayed cautious ahead of Bank Negara’s interest rate decision.
At the lunch break, the FBM KLCI was up 1.8 points, or 0.11%, at 1,710.54, after hitting an intra-morning high of 1,715.85.
There were 510 gainers, 442 losers and 549 counters traded unchanged on the Bursa Malaysia. Turnover stood at 2.14 billion shares valued at RM1.415bil.
TA Securities said further gains may be limited as investors remain on the sidelines ahead of Bank Negara Malaysia’s OPR decision.
The brokerage pegged the FBM KLCI’s immediate resistance at 1,759, based on the 123.6% Fibonacci Projection (FP), with stronger resistance levels seen at 1,805 and 1,842.
“On the downside, immediate support is capped at the 100% FR (1,684), with better support coming from the June 2026 low (1,655), followed by the 76.4%FR (1,610),” it added.
UOB Kay Hian expects the FBM KLCI to trade sideways in the near term amid a lack of domestic catalysts and continued uncertainty in global markets.
The research house sees support for the benchmark index at 1,677 and 1,652, while resistance is pegged at 1,753 and 1,770.
Meanwhile, Apex Securities said market sentiment improved by Wednesday’s close as oil prices eased and softer US private payrolls data strengthened expectations that the Federal Reserve would keep interest rates unchanged.
It noted that investors would now turn their attention to Bank Negara Malaysia’s interest rate decision on Thursday, with the OPR widely expected to remain at 2.75%, as well as upcoming US economic data for further clues on the Federal Reserve’s policy direction.
“Barring a fresh escalation in the Middle East, we expect the FBM KLCI to extend its rebound cautiously on Thursday, with the improved global risk tone providing some support even as earnings season continues to drive individual stock performance,” Apex said.
Gainers on Bursa Malaysia included Allianz, which rose 32 sen to RM21.68, United Plantations, which added 30 sen to RM33.08, MI Technovation, which climbed 19 sen to RM5.74, and UWC, which gained 18 sen to RM6.51.
Among the decliners, Nestlé slid RM1.80 to RM94.72, BLD Plantation lost 46 sen to RM14.54, Kuala Lumpur Kepong fell 40 sen to RM22.30, while Dutch Lady declined 20 sen to RM31.60.