KUALA LUMPUR: Bursa Malaysia ended the week with a stronger tone, buoyed by optimistic investor sentiment and robust purchasing activity in commodity-related shares.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.13 points or 0.19 per cent to 1,617.86 from yesterday's close of 1,614.73.
The benchmark index commenced trading 1.24 points higher at 1,615.97, maintaining a range between 1,614.93 and 1,622.49 for the duration of the session.
On the broader market gainers led losers 818 to 395, with 472 counters unchanged.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng believes investor sentiment to remain positive as the increasing daily trading volume signifies a higher appetite for the market.
He added that the FBM KLCI staged a rebound and broke out from a two-week bullish flag pattern with a long white candle on Monday.
"It has also moved further away from all EMA lines, with the 20-day EMA showing an upward trend.
"We anticipate this momentum will drive the index towards the next resistance level of 1,620, and a breakthrough above this level could signal further upward movement.
"Conversely, immediate support levels are now at 1,589–1,600. Therefore, we expect the index to hover within the 1,610-1,630 range for the next week," he told Business Times.
Meanwhile, Thong said key regional indices trended mixed following mixed cue from Wall Street overnight.
He noted that profit-taking activities were seen in China and Hong Kong despite China's exports rising much more than expected in May, driven by robust industrial production and improving overseas demand.
"Sentiment across emerging markets in the region remains cautiously optimistic, with the chance for continued growth if the US jobs report comes in favourably," he said.