Benchmark closed up 0.9% at 1,748.17 on Wednesday before slipping 0.78 point to 1,747.39 in early Thursday trade, as technology shares paused after leading the rally and brokers kept a constructive market view.
Malaysia's FBM KLCI extended its winning streak to six straight sessions on Wednesday, rising 15.51 points, or 0.9%, to 1,748.17 as easing Middle East tensions, lower U.S. Treasury yields and stronger regional technology shares supported Bursa Malaysia. In early Thursday trade, the benchmark opened 2.83 points higher at 1,749.65 but turned negative, slipping 0.78 point to 1,747.39 by 9:16 a.m. local time as investors took profit after the recent rally. Technology and semiconductor counters that had led gains on Wednesday came under pressure on Thursday morning, while consumer and utility stocks advanced. Berjaya Research said the index may face near-term profit-taking as its relative strength index approaches overbought territory, with resistance at 1,756 and 1,770 points and support at 1,732 and 1,720 points. Despite the pullback, Berjaya Research and Rakuten Trade said broader sentiment remains constructive, citing resilient domestic conditions, improving earnings prospects, easing geopolitical tensions, lower crude oil prices and stronger global risk appetite.