The FBM KLCI rebounded in early trade on Friday, gaining 5.37 points or 0.33% to 1,635.73 at 9.27am as investors tracked Wall Street’s overnight recovery and looked for opportunities ahead of Budget 2027, The Star reported.
The local market remained cautious, however, with elevated US bond yields and oil prices continuing to weigh on sentiment.
Malaysian Pacific Industries Bhd rose 58 sen to RM41.70, while IHH Healthcare Bhd gained 20 sen to RM7.90 and UWC added 17 sen to RM7.27.
Hengyuan Refining Co Bhd advanced 19 sen to RM3.83 after appointing Erkki Tapio Ranta as its chief executive officer effective Oct 1.
On the losing side, MISC Bhd fell 14 sen to RM7.54, Hong Leong Industries Bhd shed 12 sen to RM16.02, while RHB Bank Bhd and AMMB Holdings Bhd eased five sen and four sen to RM7.42 and RM6.35 respectively.
Overnight, the Dow Jones Industrial Average rose 0.04% to 50,926.74, while the S&P 500 gained 0.20% to 7,666.48 and the Nasdaq Composite added 0.04% as the global bond selloff eased.
Berjaya Research expects the FBM KLCI to remain cautious as investors monitor US bond yields and oil prices.
The research house said softer US unemployment data due later could influence expectations for the Federal Reserve’s monetary policy and provide some relief to equities.
“With the key index slipping into oversold territory, potential mild bargain hunting may resurface amid the easing US 10-year Treasury yield as well as the pullback in oil prices,” it said.
Berjaya Research placed immediate resistance at 1,657 to 1,663 points, with support at 1,625 followed by 1,620.
Meanwhile, Malacca Securities expects sentiment to improve alongside Wall Street but said investors would remain selective, particularly towards potential beneficiaries of Budget 2027, which is due to be tabled next Friday.
It highlighted ViTrox Corp Bhd on stronger demand for high-precision inspection solutions linked to AI infrastructure and advanced packaging, while QES Group Bhd could benefit from its expansion into China’s X-ray semiconductor inspection market.
Hartanah Kenyalang Bhd was also highlighted, with its RM851 million order book equivalent to about 6.8 times FY25 revenue and potentially positioning it to benefit from infrastructure-related initiatives in East Malaysia under Budget 2027.
