Slight rebound as Bursa reopens from holiday weekend

KUALA LUMPUR: Malaysian equities rebounded on Tuesday following an extended weekend, although the market is expected to remain in consolidation moade as it awaits more clarity on the global trade situation.

At the open, the FBM KLCI was up 4.37 points to 1,512.72, pulled higher by heavyweight stocks that were oversold at last Friday's close.

TA Securities Research said blue chips are expected to remain in profit-taking consolidation mode this week as investors should remain cautious while they await further developments regarding the judgment against US President Donald Trump's trade policies.

Meanwhile, uncertainty surrounding a potential cabinet reshuffle on the local political scene, and a lack of strong buying catalysts should also keep investors on the sidelines, it said.

The broker said borth short- and medium-term technical momentum and trend indicators on the FBM KLCI are turning increasingly bearish.

"Immediate index resistance is kept at 1,564 with next upside hurdles seen at the recent high of 1,586, followed by 1,610 ahead. Immediate support

is maintained at 1,490, while stronger supports can be found at 1,465 and 1,444," it said in its market commentary.

Among the heavyweights leading the rally, PETRONAS Dagangan rose 62 sen to RM20.32, Kuala Lumpur Kepong gained 40 sen to RM19.88 and Hong Leong Bank added 14 sen to RM19.72.

Top actives were Harvest Miracle unchanged at 18 sen, Bintai Kinden down 0.5 sen to seven sen and Alam Maritim unchanged at three sen.