FBM KLCI holds firm above 1,600 in early trade

KUALA LUMPUR: Bursa Malaysia began Thursday’s session on a positive note, taking its cue from Wall Street’s strong overnight performance.

Overnight, the Dow Jones Industrial Average fell 0.06% to close at 39,308.00, the S&P 500 gained 0.51% to 5,537.02 and the Nasdaq Composite gained 0.88% to 18,188.30.

At 9.14 am, the FBM KLCI rose 4.26 points, or 0.26% to 1,619.58. The index opened 0.64 of a point higher at 1,615.96.

Inter-Pacific Securities said the key index is still at the crossroads as it attempts to hover around the psychological 1,600 level, which is also its major hurdle for the time being.

Nevertheless, the research house said the largely sideways trend could allow the key index to build up a base that could potentially be a springboard for the key index to head higher in 2H2024 after it managed to post a credible 9.3% gain in 1H2024.

“There is an interim resistance at 1,595 points, while the supports are at 1,585 and 1,580 points respectively,” Inter-Pacific said.

Meanwhile, Malacca Securities said the FBM KLCI index ended higher towards the 1,615 level, firmly above the significant 1,600 psychological level.

“The technical readings on the key index were positive with the MACD histogram forming positive bars and RSI surged above 50. The resistance is envisaged around 1,630-1,635 and the support is set at 1,595-1,600,” it said.

Among the gainers on Bursa Malaysia, Greatech Technology rose 13 sen to RM5.53, Arka gained 10 sen to RM2.18, United Malacca added seven sen to RM5.15 and Hume Cement Industries climbed seven sen to RM3.67.

Toyo Ventures fell 31 sen to RM1.07, Malaysian Pacific Industries lost 18 sen to RM39.50, Gamuda declined 10 sen to RM7.14 and Can-One gave up 10 sen to RM2.97.

Ocean Fresh Bhd, which debuted on the ACE Market of Bursa Malaysia, jumped 194.64%, or 54.5 sen to 82.5 sen at 9.16 am.