The FBM KLCI ended the day flat with a slight 0.1% decline, reflecting market uncertainty following recent CPI data. Lower liners rebounded, and the technology sector led gains with a 2.8% increase.
Gold and aluminum
The FBM KLCI faced profit-taking but the selling pressure seems to be easing. Anticipation of a rate cut next week has boosted trading sentiment, particularly in the lower liners. Investors are focused on upcoming EU industrial production data and US Michigan consumer sentiment.
“We remain positive on commodities-related stocks, especially gold and aluminum, and expect continued interest in the technology sector, reflecting Nasdaq’s positive performance,” says analysts from Apex.
Technical Commentary: The FBM KLCI’s technical indicators turned negative with the MACD Line below the Signal Line and RSI dropping below 50. Immediate resistance is at 1,700, with support around 1,630.
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