KUALA LUMPUR: Bursa Malaysia ended higher today as investors took advantage of bargains which emerged following yesterday's profit-taking.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 0.39 per cent, or 6.20 points, to 1,614.73, up from Wednesday's close of 1,608.53.
Meanwhile, the broader market stayed positive, with 768 gainers outnumbering 466 losers, and 453 counters unchanged.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng stated that he remains cautiously optimistic, citing attractive valuations, increased investor confidence reflected in higher average daily trading volumes, and a rise in foreign buying.
"Hence we anticipate the FBM KLCI to trend within the range of 1,610-1,630 towards the weekend," he added.
Regionally, indices also moved higher, following a positive lead from Wall Street yesterday.
Thong mentioned that expectations of rate cuts by the European Central Bank, along with weaker U.S. labour market data, have increased hopes that the Fed will also reduce rates, thus improving market sentiment.