KUALA LUMPUR: Bursa Malaysia ended higher on Thursday as it pared gains due to profit-taking activities in the afternoon session, lifted by buying pressure in the utilities and industrial product sectors.
At 5pm, FTSE Bursa Malaysia KLCI (FBM KLCI) increased 0.29 per cent or 4.74 points to close at 1,623.12 today from 1,618.38 closing yesterday.
Opened at 1,621.16, the key index moved between 1,621.10 and 1,628.35 throughout the morning session.
On broader market, gainers led losers by 761 to 478, with 471 counters unchanged, 721 untraded and seven suspended.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said FBM KLCI pared gains due to profit-taking activities in the afternoon session.
He said the benchmark index is trying to break through the key resistance level of 1,630.
"We maintain our view that breaching and sustaining this level will unlock further upside potential.
"Consequently, we expect the benchmark index to trend within the range of 1,620 to 1,630 towards the weekend," he said.
According to Thong, key regional indices were also in positive territory following positive cue from Wall Street overnight.
He added that the S&P 500 and NASDAQ reached record highs, driven by US Federal Reserve's remarks that sparked optimism for a soft landing for the US economy and potential interest rate cuts this year.
"At the same time, investors are watching for any impacts from the China Securities Regulatory Commission's decision to tighten rules on short selling and high-frequency trading to curb improper arbitrage and maintain market stability," he said.
Malacca Securities said FBM KLCI ended higher as the index was lifted by buying pressure in the utilities and industrial product heavyweights, namely Tenaga Nasional Bhd (TNB) and Sunway Bhd, as investors may still be optimistic about the prospects of TNB's UK renewable energy venture and Malaysia being upgraded by JP Morgan.
"On the broader market, the construction sector, which increased 2.66 per cent, was the best performing sector led by Gamuda Bhd and Sunway Construction Group Bhd while the energy sector declined the most," it added.