Thu Sep 12 04:52:00 UTC 2024: ## Bursa Malaysia Climbs on Wall Street Gains and Positive Asian Sentiment
**Kuala Lumpur:** The Malaysian stock market surged at midday, buoyed by strong performance in Asian markets and overnight gains on Wall Street. The FBM KLCI climbed 4.26 points, or 0.26%, to reach 1,644.06 at lunch break, after hitting an intra-morning high of 1,649.87.
Market breadth was positive, with gainers outpacing losers by a significant margin (532 to 346), while 412 counters remained unchanged. Turnover amounted to 1.62 billion shares valued at RM1.34 billion.
Dealers attribute the positive sentiment to the strong performance on Wall Street, where investors are assessing the latest U.S. inflation data and its potential impact on global interest rate decisions.
Analysts predict that the FBM KLCI will trade sideways in the lead-up to the FOMC meeting on September 18th, with support levels at 1,613-1,628 and resistance at 1,650-1,660-1,690. This cautious outlook stems from the recent strong US core CPI data and the lack of additional catalysts for further market gains.
PETRONAS Chemicals, which saw an increase of 10 sen to reach RM5.45, was a key driver of the index rise, contributing 1.1741 points. YTL Corp and YTL Power also contributed significantly with gains of 10 sen each, reaching RM3.50 and RM2.50 respectively.
Other notable gainers include United Plantations, which surged 60 sen to RM27.62, Malaysian Pacific Industries with a 52 sen rise to RM27.34, and Dutch Lady adding 50 sen to reach RM30.88.
Despite the overall positive trend, some companies experienced losses. Nestle fell 40 sen to RM100.10, Hong Leong Bank lost 26 sen to RM21.24, Arka slid 15 sen to RM1.90, and Paragon Union declined 13 sen to RM3.23.
Looking ahead, analysts expect blue chips to remain range-bound, awaiting the results of the closely watched US inflation data and interest rate decisions. Foreign interest in key banking and utility stocks is expected to limit any downside movement.
Immediate support for the index remains at the recent correction low of 1,633, with 1,620 and 1,600 acting as stronger supports. Immediate resistance is revised lower to 1,670, with the recent high of 1,684, then 1,695, the Dec 2020 high, as tougher resistance levels.
First Piper 