KUALA LUMPUR: The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was trending lower, reaching 1,637 points before it shot up again to a high of 1,657 points within the first hour of trading.
It closed at near four-year highs yesterday.
The broader market was slightly negative, with losers outnumbering gainers 347 to 342, while 386 stocks remained unchanged.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng remarked that the index's strong performance yesterday was quite unexpected, driven by a surge in foreign investment and the decisive break above the 1,630 level.
"As a result, we expect the ongoing uptrend to continue and see the index to hover within the 1,650-1,660 range today."Though daily volume remains below expectations we believe participation from the retailers to emerge anytime soon, spearheaded by the improving market liquidity," he said.
Thong also added that the ringgit has maintained its ascension against the greenback to RM4.38 which is a 52-week high.