KUALA LUMPUR: Bursa Malaysia maintained an upward trajectory during its morning trading session.
At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 4.06 points or per cent to 1,454.41 at midday close versus 1,451.07 during the market opening.
During the early session, the index peaked at a high of 1,459.52 and slipped to a low of 1,453.45.
FBM100 was up by 25.510 to 10,366.69, FBMEMAS rose by 25.510 to 10,366.69, FBMHIJRA was up by 15.960 to 11,739.86, and FBMACE slid down by 13.820 to 5,307.51.
The gainers outnumbered the losers on the broader market, 495 to 360, while 401 counters remained unchanged.
Hong Leong Investment Bank (HLIB) said KLCI may pause for profit-taking consolidation, underpinned by potential local earnings disappointment during the August state electoral season.
This follows the 5.9 per cent relief rally from the three-year low at 1,369 to 1,450 last Friday.
The firm reiterated that the downside risk can be well-cushioned at 1,400 to 1,422 to 1,436 zones.
This is due to the undemanding valuation for 2024, all-time low foreign shareholders, which ended in June at 19.9 per cent, EPF's high domestic allocation to 70 per cent from 64 per cent in 2022, and the absence of special withdrawals.
Apart from that, the resumption of foreign buying and the unveiling of high-impact investment initiatives to boost the domestic economy through the Madani Economy Framework and the National Energy Transition Roadmap (NETR) are also contributing factors.
