The FBM KLCI showed slight gains at midday, while overall market sentiment remained cautious.
By the lunch break, the benchmark index rose 2.31 points or 0.14% to 1,617.63, peaking at 1,619.75 earlier in the morning.
Market activity saw 569 stocks declining against 470 gainers, with a trading volume of 3.06 billion shares valued at RM2 billion.
Ocean Fresh, making its ACE Market debut, surged 189.29% or 53 sen to 81 sen, with 120.44 million shares changing hands.
Leading the gainers were Westports, up 24 sen to RM4.48, F&N rising 20 sen to RM31.94, PIE Industrial adding 19 sen to RM6.46, and United Plantations climbing 16 sen to RM25.
In contrast, Toyo Ventures fell 32 sen to RM1.06, Heineken declined 28 sen to RM22.22, Dutch Lady slid 24 sen to RM35.84, and Malaysian Pacific Industries dropped 20 sen to RM39.48.
According to Rakuten Trade, the local market may have exited its consolidation phase, anticipating the index to range between 1,615 and 1,630 today.
Meanwhile, crude oil prices strengthened on reduced inventory levels, with Brent approaching the US$88 per barrel mark.
TA Securities noted that the Malaysian market could mirror regional strength, buoyed by improving economic indicators and optimism surrounding potential interest rate cuts, following indications from the US Federal Reserve Chair of easing inflation pressures ahead.
The immediate resistance for the index is seen at the early June high of 1,622, with tougher upside barriers at 1,632 and 1,640, while stronger support levels are identified at 1,568 (the 100-day moving average) and 1,550.
