FBM KLCI hovers just shy of 1,500-mark at midday

KUALA LUMPUR: The FBM KLCI pared some of its gains at midday and stayed just shy of the 1,500-point psychological level.

At 12.30pm, the benchmark index closed up 4.23 points, or 0.28% at 1,499.93. The index earlier slipped to its intra-morning high of 1,503.93.

On the broader market, losers outnumbered gainers by 500 to 429 while 454 counters were unchanged. Trading volume stood at 4.16 billion units worth RM2.08bil.

Despite the 1,500-point level may act as immediate psychological resistance, Rakuten Trade believes it is likely to be breached soon, given the recent improvement in daily trading volume.

“We anticipate the index to hover within the 1,490-1,500 range today. Meanwhile, crude oil prices declined following the price cut by Saudi Arabia amid weakening demand. As such, the Brent crude dipped to around US$76 per barrel,” Rakuten said.

TA Securities said given the recent strong gains and overbought momentum, stocks should be due for profit-taking pullback, which will be healthy to consolidate gains.

“On the index, further rise toward the 1,500 levels which capped upside in Jan 2023, and next hurdle at 1,520, may see it stalling for profit-taking consolidation.

“Immediate chart supports are revised upwards to 1,480, and 1,450, with better supports at 1,440 and 1,430,” TA said.

Top gainers on Bursa Malaysia included Nestle which jumped 70 sen to RM118.70, Malaysian Pacific Industries, which added 46 sen to RM28.40 and F&N which rose 40 sen to RM28.66.

Rapid, the top loser on Bursa Malaysia, tumbled 76 sen to RM24.06. Dutch Lady slid 68 sen to RM23.92, Ajinomoto fell 18 sen to RM16 and Imaspro declined 16 sen to RM3.48.

Among the banks, Maybank and Public Bank rose four sen each to RM9.10 and RM4.40 respectively.

Hong Leong Bank gained six sen to RM19.16, RHB Bank added five sen to RM5.56, CIMB climbed one sen to RM6.04 and AmBank fell two sen to RM4.20.