KUALA LUMPUR: Bursa Malaysia climbed higher in early trade on Monday, following the rally on Wall Street last Friday. At 9.05 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) increased by 1.95 points to reach 1,596.24, compared to the previous close of 1,594.29. The index opened with a rise of 2.55 points at 1,596.84. However, the number of decliners surpassed gainers, with 160 against 151, while 304 counters remained unchanged, 1,800 were untraded, and 15 were suspended. The turnover was recorded at 144.99 million units valued at RM58.89 million.
According to BERNAMA News Agency, Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng noted the local bourse is likely to stabilize following the third-quarter corporate results, which did not present any significant negative surprises. He anticipates that buyers will return if the index drops below the 1,590 mark, and expects the market index to remain between the 1,595-1,610 range, primarily supported by the performance of plantation stocks due to the
strong price of crude palm oil (CPO).
Hong Leong Investment Bank Bhd (HLIB) projected that the FBM KLCI will continue its consolidation phase amid the outflow of foreign funds. Additional factors including geopolitical tensions, uncertainties surrounding US rate cuts, China’s sluggish growth, and potential impacts from a Trump 2.0 administration could further increase market volatility. Nonetheless, a technical rebound is anticipated in December, with resistance levels at 1,607, 1,625, and 1,648, and support levels at 1,577 and 1,588. This expectation is based on a significant oversold condition and the potential effects of ‘window dressing’, which has historically demonstrated a high success rate, yielding positive returns of 1.5 to 1.8 percent.
Among heavyweight stocks, Maybank remained flat at RM10.20, CIMB increased by one sen to RM8.26, and Public Bank added two sen to RM4.49. Conversely, Tenaga Nasional dropped four sen to RM13.62, while IHH and Hong Leong Bank both fell by six sen, reaching RM7.20 an
d RM20.62, respectively. Active stocks included Ta Win and PDZ, both easing by half-a-sen to two sen and four sen, respectively, while Capital A decreased by one sen to 99 sen. Yew Lee stayed flat at 46 sen, and Mestron rose by one sen to 31 sen.
On the index board, the FBM Emas Index gained 14.23 points to 12,145.36, the FBMT 100 Index climbed 13.47 points to 11,837.26, and the FBM Emas Shariah Index increased by 21.81 points to 12,056.50. The FBM 70 Index rose by 16.59 points to 17,876.41, whereas the FBM ACE Index declined by 10.16 points to 5,121.49. Sector-wise, the Financial Services Index dropped 5.50 points to 19,184.53, the Energy Index rose by 1.09 points to 813.38, and the Industrial Products and Services Index edged up by 0.68 of a point to 170.97. The Plantation Index saw an increase of 39.38 points to 7,571.20.