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Bursa Malaysia closes higher as bargain hunters make strong comeback

KUALA LUMPUR: Bursa Malaysia closed higher lifted by bargain hunting activities in industrial products & services as well as financial heavyweights.

FTSE Bursa Malaysia was up 0.72 per cent or 11.68 points to 1,624.56 at closing bell on Monday.

The broader market saw gainers led losers 626 to 455 while 531 counters were unchanged.

On the index board, FBM100 added 0.7 per cent to 12,134.54, FBM Emas gained 0.66 per cent to 12,546.55 and FBM Ace dropped 0.26 per cent to 5,779. Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the firm is positive on the improving market sentiment following the recent heavy sell-off.

It expects buying momentum on local equities to continue, spurred by a renewed sense of optimism.

"Hence, we anticipate the FBM KLCI to trend within the range of 1,610-1,630 for the week."

Thong added that key regional markets also saw positive trends as investors anticipate the Federal Reserve will signal a potential rate cut in September during its Wednesday policy meeting.

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