corporate

Bursa Malaysia closes week in posititive territory on broad-based bargain-hunting

KUALA LUMPUR: Bursa Malaysia sustained its momentum until the close, driven by broad-based bargain hunting, with most regional markets also rising as Wall Street's positive performance and economic reports met expectations.

At 5 p.m., the FTSE Bursa Malaysia KLCI (FBM KLCI) had increased by 0.84 per cent, adding 13.84 points to reach 1,652.15, up from Thursday's closing of 1,638.31.

In the broader market, gainers outnumbered losers 727 to 339, with 459 stocks unchanged.

Rakuten Trade equity research vice president Thong Pak Leng said the FBM KLCI is currently in a consolidation phase due to cautious trading amid increasing global volatility and uncertainty.

He believes that the consolidation range of 1,630 to 1,670 is advantageous for the market, providing a chance for accumulation and potentially paving the way for a future upward movement when market sentiment improves.

"Moving forward, the index needs to surpass the 1,670 resistance level to regain its bullish momentum. If this level is breached with significant trading volume, the next resistance at 1,700 could come into play," he said.

Thong further noted that  investor sentiment was buoyed by the US Fed will cut rates by 25 or 50 basis points (bps) next week.

Furthermore, investors are exercising caution with China set to publish its monthly economic data on Saturday, and attention centred on industrial production, fixed asset investment, and retail sales.

Most Popular
Related Article
Says Stories