KUALA LUMPUR: Bursa Malaysia continued its upward trend today, closing higher for the sixth consecutive trading session.
The FTSE Bursa Malaysia KLCI (FBM KLCI) rose 9.11 points to end at 1,515.39 from Friday's close of 1,506.28.
The benchmark index, starting 1.83 points higher at 1,508.11, fluctuated within the range of 1,507.88 and 1,518.44.
On the broader market, decliners outnumbered gainers 513 to 499, while 471 counters were unchanged.
Turnover declined marginally to 4.32 billion units valued at RM2.98 billion from 4.92 billion units worth RM3.42 billion on Friday.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the FBM KLCI closed higher with buying on plantation and banking stocks.
He added that key regional closed higher with strong gains on energy stocks following the surge in crude oil price.
Meanwhile, Thong said bargain hunting persists in Hong Kong as China's market regulator implements various measures to support its markets.
Beijing policymakers made a 50-basis points cut in required cash reserves for banks, injecting approximately US$140 billion liquidity into the banking system to bolster its economy.
"As for the local bourse, we maintain a cautiously optimistic outlook on the market, given the improving investor sentiment.
"Moreover, we foresee a positive ripple effect from China's stimulus plan, potentially benefiting regional markets including Malaysia.
"However, investors are advised to remain vigilant amidst growing global volatility and geopolitical tensions in the Middle East," he told Business Times.
For the week, Thong expects the FBM KLCI to trend within the range of 1,500 to 1,520.
Looking at technical indicators, he expects a potential upward trend in the benchmark index if it can overcome the immediate resistance at 1,527 while at the same time, the immediate support level stands at 1,500.