Tech stock rally spurs gains on Bursa Malaysia
Friday, May 26, 2023       08:53 WIB

KUALA LUMPUR: Malaysia's benchmark FBM KLCI was marginally improved at the start of Friday trading, following a mixed performance on Wall Street overnight.
As US policymakers continued to negotiate a deal for raising the debt ceiling, investors remained cautious over the approaching deadline for averting a default, leading to a 0.1% decline in the Dow Jones.
However, the Nasdaq surged 1.7% on the back of a robust set of results released by Nvidia, which showed strong demand for its semiconductors.
At 9am, the FBM KLCI was up 0.45 points to 1,402.93, on course to ending the week on a negative note after fourth straight days of losses.
According to TA Securities Research, The local market may extend a drift-down ahead of the weekend, dampened by concerns lack of progress in US debt ceiling talks ahead of the deadline may trigger a downgrade by major rating agencies.
"Immediate index support stays at the 1,400 psychological level, while key chart supports are from the recent low of 1,391 and last October's low of 1,372. Immediate overhead resistance remains at 1,450, with the leveling 200-day moving average at 1,456, and 1,480 then 1,500 acting as stronger resistance levels," it said in its market commentary.
Bursa Malaysia's technology index rose 0.4% to 57.42 on the back of the jump in global tech counters.
Gainers included Frontken up four sen to RM2.87, Greatech rising four sen to RM3.88 and Pentamaster gaining three se to RM4.77.
Meanwhile, bank stocks were improved with Maybank rising three sen to RM8.59, Public Bank gaining two sen to RM3.91 and Hong Leong Bank adding two sen to RM19.56.
Plantations remained on the backfoot with Sime Darby Plantation diving 14 sen to RM4.14, IOI slipping two sen to RM3.89 and Kuala Lumpur Kepong dropping 48 sen to RM21.30.
Most actives were YTL up two sen to 80 sen, Revenue up 1.5 sen to 28 sen and Vinvest down 0.5 sen to 6.5 sen.

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