FBM KLCI pares gains at midday; Pantech Global slips on Main Market debutFBM KLCI pares gains; Pantech Global slips on Main Market debut

KUALA LUMPUR: The FBM KLCI pared its earlier gains by midday, slipping a negligible 0.06% as investors remained cautious amid persistent foreign selling.

The benchmark index slipped 0.89 points, or 0.06%, to 1,575.59, retreating from its intramorning high of 1,580.80.

A total of 315 stocks gained, 576 declined, and 425 remained unchanged, with 1.94 billion shares traded, valued at RM1.16 billion.

F&N, the top gainer on Bursa Malaysia, jumped 68 sen to RM25.68. Ayer rose 50 sen to RM7.50, PPB Group added 34 sen to RM11.08, and CIMB climbed 27 sen to RM8.08.

Among the decliners, Nestle plunged RM3.60 to RM80.84, Panasonic Manufacturing slid 90 sen to RM16.10, PETRONAS Dagangan fell 38 sen to RM18.8,2 and Master-Pack lost 29 sen to RM2.98.

Pantech Global, which debuted on the Main Market today, fell 13.24%, or nine sen to 59 sen with 70.14 million shares traded.

Hong Leong Investment Bank Research (HLIB Research) said the KLCI may stage a technical rebound today following the MSCI rebalancing last Friday, tracking Wall Street’s rally.

The research noted that the uninspiring fourth-quarter 2024 results season, persistent foreign net outflows, and historically weak March performance over the past 30 years could lead to volatility ahead.

HLIB said the benchmark index may face choppy waters, with support at 1,529-1,545-1,566 and resistance at 1,590-1,607-1,614, as investors weigh escalating global trade tensions, the US economic outlook amid recent weak data, Federal Reserve policy, and expectations of more stimulus measures from China’s National People’s Congress starting on March 5.

Meanwhile, TA Securities said further weakness in blue chips could attract bargain-hunting from sidelined investors looking to capitalise on recovery gains.

“Regarding the index, immediate support is maintained at 1,550, with stronger supports seen at the 6/8/24 low of 1,529 and the 1,500 psychological level.

“Meanwhile, immediate resistance remains at 1,605, with next upside hurdles at 1,630, followed by 1648,” TA said.

“As for stock picks this week, key construction, oil & gas, telecommunications and technology related blue chips and lower liners such as Hiap Teck, IWCity, Bumi Armada, DNEX, Axiata, TM, Inari and Unisem should attract bargain hunters looking for potential recovery play,” it added.