The FTSE Bursa Malaysia KLCI ended higher on March 9, driven mainly by a sharp surge in Petronas Chemicals Group Berhad shares, which jumped 22%.
The rally followed investor optimism over the company’s advantageous feedstock cost structure, as a significant portion of its supply is sourced domestically in Malaysia rather than from the Middle East, helping to cushion cost pressures.
Despite the boost, overall market undertone remains cautious, with the benchmark index expected to trade within the 1,710 to 1,725 range in the near term.
Petrochemicals
From a technical perspective, PPB Group Berhad is showing key resistance at RM11.60 (R1) and RM11.90 (R2), while support levels are seen at RM10.82 (S1) and RM10.50 (S2).
Meanwhile, in the United States market, Broadridge Financial Solutions Inc has been identified as a technical buy, with a potential upside of 24.8% supported by positive indicators.
The stock’s resistance levels are identified at US$214.76 (R1) and US$227.76 (R2), while support is pegged at US$179.00 (S1) and US$167.00 (S2).
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