KUALA LUMPUR (July 4): The FBM KLCI rose at mid-morning but is seen consolidating below the 1,665-point resistance level today.

At 10.01am, the FBM KLCI rose 6.60 points to 1,652.82.

The gainers included Dutch Lady Milk Industries Bhd, British American Tobacco (M) Bhd, Fraser & Neave Holdings Bhd, Malaysian Pacific Industries Bhd, Carlsberg Brewery (M) Holdings Bhd, KLCC Property Holdings Bhd, MISC Bhd and Nestle (M) Bhd.

The actives included Borneo Oil Bhd, AirAsia X Bhd, Nexgram Holdings Bhd, Malaysia Building Society Bhd, Vivocom International Holdings Bhd and KNM Group Bhd.

The top losers included Heineken Malaysia Bhd, Magni-Tech Industries Bhd, Alliance Financial Group Bhd, Globetronics Technology Bhd and Lii Hen Industries Bhd.

Asian share markets took a step back on Monday, while the Australian dollar dropped after no clear winner emerged from a weekend election, according to Reuters.

Activity across much of the region was subdued as investors took stock of the potential economic fallout from the Brexit vote after days of volatile trade, and as U.S. financial and commodity markets will be closed on Monday for the Independence Day holiday, it said.

Hong Leong IB Research said that in a holiday-shortened week (half-day trading on July 5 and Hari Raya holidays on July 6 & 7), the FBM KLCI is likely to consolidate its recent gains with lackluster trading activities.

It said key weekly supports are 1612-1635 while resistances fall on 1650-1655.

“Overall, we still expect global markets to remain volatile in the near term as investors grapple with Brexit domino impact, anemic global economic growth, rising terrorism risks and potential EU break-up,” it said.