KUALA LUMPUR: Bursa Malaysia ended on a positive note, driven by buying interest in blue-chip stocks following dovish minutes from the US Federal Reserve (Fed) and a significant downward revision in US payrolls.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) was at 1,641.66, up 6.34 points or 0.39 per cent compared to Wednesday's close of 1,635.32.
The broader market, however, was negative with losers were ahead gainers by 616 to 446, while 497 counters unchanged and 922 untraded.
The plantation sector was the best performing sector as it increased 1.26 per cent while the energy sector declined the most by 1.61 per cent.
Turnover was at 3.73 billion shares valued at RM3.08 billion.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said buying interest in blue-chip stocks was driven by dovish minutes from the US Fed and a significant downward revision in US payrolls, which strengthened expectations of a rate cut in September.
Thong expects the uptrend to continue due to improving market sentiment and renewed optimism about an interest rate cut in the US.
"We believe that if the benchmark index can breach and maintain the 1,650 to 1,660 resistance level, it may pave the way for further gains.
"As such, we anticipate the FBM KLCI to trend within the range of 1,640 to 1,660 towards the weekend," he said.