KUALA LUMPUR: Bursa Malaysia closed higher today, driven by strong buying activity in gaming, telecommunications, and commodity-related stocks.
The FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 4.85 points to reach 1,544.71, up from Friday's closing level of 1,539.86.
Overall market sentiment turned positive in afternoon trade, with 523 gainers outnumbering 465 losers, while 474 stocks remained unchanged.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng stated that major regional indices mostly declined, influenced by a negative trend on Wall Street last Friday.
"Investors are cautious due to upcoming key U.S. inflation data, which will affect interest rate forecasts."China and Hong Kong stocks closed higher, influenced by China's moving away from deflation, marking a crucial shift in the economic scenario," said Thong.
Despite favourable indicators in the local market sentiment, he continues to adopt a careful approach domestically, anticipating sustained high market volatility in the short term.
"As such, we expect the FBM KLCI to trend sideways with an upside bias within the 1,530-1,550 for the week with immediate resistance at 1,560 while support at 1,520," he added.