KUALA LUMPUR (Oct 12): Bursa Malaysia maintained its upbeat momentum to close the morning session higher in sync with the regional market performance. 

At lunch break, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 9.05 points to 1,445.54 from Wednesday’s close of 1,436.49.

The key index, which opened 1.47 points better at 1,437.96 in the morning, moved between 1,437.96 and 1,446.06 during the session.

On the broader market, gainers outpaced decliners 443 to 319, while 432 counters were unchanged, 1,161 untraded and 11 others suspended.

Turnover stood at 1.92 billion units worth RM909.21 million.

Hong Leong Investment Bank Bhd said the KLCI’s near-term outlook has improved as technical indicators are on the mend, supported by a slew of less hawkish remarks by US Federal Reserve officials and expectations of a massive China stimulus measures, which have alleviated concerns relating to the Israel-Hamas conflict, as well as fears of unpopular new taxes and tightening budgets in Budget 2024 speech on Friday (Oct 13).

"As anticipated, after slipping 3.7% from 1,465.9 (triple top) to a low of 1,412.2 (Oct 5), the FBM KLCI appears to have found interim support near 1,411 (downside target after violating the 1,438 neckline).

"We believe the residual strength in the current rebound will push the FBM KLCI towards 1,438 and 1,451 with a more formidable resistance located near the 1,465 levels," it said, adding that a breakdown below 1,411 may exacerbate selling pressure towards the 1,390-1,400 levels.

Among the heavyweights, Maybank Bhd edged up seven sen to RM8.97, Public Bank Bhd gained four sen to RM4.19, CIMB Group Holdings Bhd increased five sen to RM5.65, Petronas Chemicals Group Bhd rose three sen to RM7.26, and Tenaga Nasional Bhd added nine sen to RM10.08.  

Of the actives, MMAG Holdings Bhd inched up half a sen to 1.5 sen, SSF Home Group Bhd increased 1.5 sen to 26.5 sen, KNM Group Bhd and NETX Holdings Bhd perked up a sen each to 12 sen and 18 sen respectively, while Classita Holdimgs Bhd eased half a sen to seven sen. 

On the index board, the FBM Emas Index advanced 61.66 points to 10,700.51, the FBMT 100 Index improved 60.88 points to 10,364.37, the FBM 70 Index expanded 66.02 points to 14,212.44, the FBM Emas Shariah Index climbed 47.96 points to 10,926.3, while the FBM ACE Index fell 20.47 points to 5,156.24.

Sector-wise, the Financial Services Index jumped 108.49 points to 16,289.04, the Industrial Products Services Index put on 1.11 points to 173.32, the Plantation Index inched up by 0.49 of a point to 6,874.13, the Consumer Products and Services Index added 2.78 points to 554.77, while the Energy Index lost 2.83 points to 875.68.