KUALA LUMPUR: Bursa Malaysia shares surged past the 1,620-point resistance level on Monday, driven by an influx of funds that lifted the key index to its highest point since March 2021.
The FBM KLCI ended higher as investors are still optimistic after Malaysia's first quarter of 2024 (1Q24) gross domestic product (GDP) came in above expectations, a dealer said.
At 5pm, the benchmark index gained 10.88 points or 0.67 per cent to 1,627.50 compared to Friday's close of 1,616.62.
Throughout the trading session, the benchmark index, which started at 1,618.28, fluctuated between 1,618.28 and 1,629.81.
On the broader market, gainers led decliners 840 to 460, with 488 counters unchanged.
Turnover declined to 6.98 billion units worth RM4.36 billion compared to Friday's 7.23 billion units worth RM4.54 billion.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said key regional indices showed similar patterns.
He added that this was buoyed by China's strongest measures yet to address its property crisis and expectations of global rate cuts within weeks, while the dollar steadied after a weekly decline.
"Locally, we remain positive on the market outlook, driven by attractive valuations and continuous foreign inflows. Additionally, increasing daily trade volume indicates growing market interest," he told Business Times.
Thong expects the FBM KLCI to trend within the range of 1,620-1,640 for the week, with immediate resistance at 1,640 and support at 1,590.