2 weeks Ago
KUALA LUMPUR: Bursa Malaysia resumed its rally on Friday, tracking the positive week on Wall Street amid positive corporate earnings and suggestions the US was open to negotiations to lower tariffs. The benchmark FBM KLCI rose 5.12 points to 1,511.
64 to start the final trading day in what has been a bullish week of recovery. According to TA Securities, the local market is expected to extend its recovery as optimism grows that the U.S.
will soon reach a trade agreement with its key partners. "Immediate resistance is kept at 1,527, which represents the 50%FR of the rally from the 1,369 low (June 2023) to the 1,684 peak (August 2024), with next upside hurdles seen at the 61.8%FR (1,564) and the 76.
4%FR (1,610). "Immediate support stays at the 23.6%FR (1,444) with stronger supports seen at the 1,400 psychological level, followed by the June 2023 low of 1,369.
" Meanwhile, Rakuten Trade maintained that the FBM KLCI provides a buying opportunity at bargain levels. "Currently lingering at below 14x PER, valuations for the local bourse are deemed attractive thus we anticipate the index to trend within the 1,500-1,515 range today," it said in its outlook. Top gainers on the market included BLD Plantation up 70 sen ot RM11.
50, MPI rising 54 sen to RM16.70 sand Ayer Holdings gaining 30 sen to RM 8.20 While the positive momentum continues on Bursa Malaysia, the jubilant mood has been marred somewhat by reports from brokers that there have been incidences of hacking detected in certain traders' stock accounts.
The unauthorised access, first detected yesterday in limited accounts and trades, was reported by several news portals and confirmed this morning in a joint statement by the Securities Commission and Bursa Malaysia..
