FBM KLCI slips deeper into the red at midday

KUALA LUMPUR: The FBM KLCI slipped deeper into the red at midday on Friday as selling pressure weighed on the local bourse despite a positive overnight lead from Wall Street.

The market barometer fell 8.11 points, or 0.47%, to 1,707.02 after hitting an intramorning high of 1,715.20.

On the broader market, losers outpaced gainers 569 to 419, while 527 counters were unchanged. A total of 2.75 billion shares worth RM1.5bil changed hands.

Apex Securities expects the FBM KLCI to extend its rebound on Friday, supported by an improved global risk tone and Bank Negara Malaysia’s decision this week to keep the Overnight Policy Rate (OPR) unchanged.

Investors will now turn their attention to Friday’s US non-farm payrolls, the week’s key economic data release, for further clues on the Federal Reserve’s September policy decision.

Barring a fresh escalation in the Middle East, the research house expects the local benchmark to maintain its recovery, although the ongoing earnings season is likely to continue driving stock-specific performance.

Meanwhile, TA Securities said the overnight rally on Wall Street is expected to provide a positive lead for the local market today.

However, sentiment is likely to remain cautious as investors weigh ongoing Middle East tensions and persistent inflation concerns.

The brokerage said the index faces immediate resistance at the 123.6% Fibonacci projection (FP) of 1,759, followed by stronger resistance levels at the 138.2% FP of 1,805 and the 150% FP of 1,842.

“On the downside, immediate support remains at the 100% Fibonacci retracement (FR) level of 1,684, followed by stronger support at the June 2026 low of 1,655 and the 76.4% FR level of 1,610,” it said.

Among the decliners on Bursa Malaysia, Carlsberg and Heineken shed 66 sen each to RM13.20 and RM14.98, respectively. United Plantations lost 60 sen to RM32.42, while Malaysian Pacific Industries fell 52 sen to RM39.08.

On the upside, Nestle gained 60 sen to RM95.08, F&N advanced 42 sen to RM24.80, Critical Holdings rose 15 sen to RM2.02 and Sunway Construction climbed 12 sen to RM7.95.

Zetrix AI, the most active counter on Bursa Malaysia, rose 3.5 sen to 27.5 sen, with a hefty volume of 992.65 million shares traded.