KUALA LUMPUR: Bursa Malaysia closed higher bolstered by a better-than-expected Malaysia's economic data and the strength in ringgit against the US dollar.
At 5.00pm today, the FBM-KLCI was at 1,648.70 up 24.80 points, from last Friday's close of 1,623.90.
There were 606 gainers, 546 losers and 463 counters traded unchanged on the Bursa Malaysia.
Turnover was at 3.896 billion shares valued at RM4.303 billion.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said key regional indices, particularly in emerging markets, closed higher as major Asian currencies reached their highest levels in seven months.
Thong said this was driven by the Federal Reserve rate cuts in September, and a more favourable domestic environment, which lifted regional sentiment.
"As for the local bourse, we are optimistic about the improving market sentiment buoyed by the strengthening of the ringgit against US dollar and the strong Q2 2024 gross domestic product (GDP) growth of 5.9 per cent," he told Business Times.
Thong said the FBM KLCI has continued its upward trajectory, testing the 1,650 level, which is a significant psychological and technical resistance point.
He said the benchmark index is now well above the 20-day and 50-day moving averages, both of which have turned upward, signaling a strong bullish trend.
"The 20-day EMA is acting as dynamic support, reinforcing the strength of the current rally. The immediate resistance level is at 1,650 followed by 1,660.
"If the index can break above this level, it could indicate further upside potential. Hence, we anticipate the FBM KLCI to trend within the range of 1,630-1,660 for the week," he added.