KUALA LUMPUR: Bursa Malaysia was mixed today as selective buying interest helped keep the key index afloat as the market continued on consolidation mode.
At 9.50am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.2 points to 1,589.88, from yesterday's close of 1,588.68.
The benchmark index started the session 4.36 points higher at 1,593.04.
On the broader market, losers led gainers 351 to 262, while 406 counters were unchanged.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said that Nvidia's strong earnings bolstered the Wall Street to end higher.
However, he said trading remained volatile as investors processed the latest US economic data, including a surprising dip in initial jobless claims reported by the Labour Department. He stated that the Dow climbed 462 points, or 1.1 per cent, to close at 35,021 whole the S&P 500 advanced 0.5 per cent and Nasdaq managed a slight gain of under 0.1 per cent.
Meanwhile in Hong Kong, Thong noted that the stocks closed lower as some corporations reported earnings that fell short of market expectations, triggering a sell-off in affected stocks and causing the Hang Seng Index (HSI) to fall 0.53 per cent.
On the domestic front, he said the benchmark index ended lower on Thursday due to heavy selling in utilities, plantation, and construction stocks.
"At this juncture, the FBM KLCI continues to consolidate, showing little sign of a strong rebound due to subdued buying interest and cautious trading.
"The benchmark index faces persistent selling pressure, with key support at 1,585. A breach of this level could trigger further declines," he added.
According to Thong, the FBM KLCI is trading in the oversold region, presenting an opportunity for investors to accumulate blue-chip stocks that have experienced significant declines in recent sessions due to their attractive valuations.
Therefore, he expects the benchmark index to move within the 1,585 to 1,610 range today.