KUALA LUMPUR: Bursa Malaysia closed marginally higher today with buying mainly on telco and commodity related stocks.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.74 points or 0.17 per cent, to 1,636.55 from Thursday's close of 1,633.81.
The benchmark index started the day up by 0.25 points at 1,634.06 and fluctuated between 1,632.53 and 1,638.29 over the course of the trading session.
On the broader market, losers outnumbered gainers 736 to 445, with 495 counters unchanged.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the outlook for market is cautiously optimistic amid growing volatility.
Nonetheless, he said the firm retains a positive long-term perspective, backed by attractive valuations, robust corporate earnings, and improving economic conditions.
"Hence, we expect the buying momentum on blue chips to continue into the following week.
"The FBM KLCI continued its rally, surpassing the 1,632-mark for the first time in three years on Wednesday," he told Business Times.
With the benchmark index reaching a new 52-week high, Thong said bullish momentum is likely to persist in the short to mid-term.
He anticipates this momentum will propel the index toward the next resistance level of 1,655, and a breakthrough above this level could indicate further upward movement.
On the other hand, he said immediate support levels are now at circa 1,610–1,620.
Thus, he expect the index to hover within the 1,625–1,655 range for the next week.