KUALA LUMPUR: Bursa Malaysia ended higher on Friday, in line with regional markets as investors took cue from Wall Street and celebrated the US Federal Reserve's big 50 basis point rate cut.
The FTSE Bursa Malaysia KLCI (FBM KLCI) closed higher by 0.19 per cent, or 3.17 points at 1,668.82 from Thursday's close of 1,665.65.
It opened 5.03 points higher at 1,670.68, hovering between 1,668.48 and 1,674.04 throughout the session.
The broader market saw gainers outnumber decliners 732 to 468, while 465 counters were unchanged, 850 untraded and 32 suspended.
The property index increased 1.68 per cent, making it the best performer, led by Sime Darby Property Bhd and SP Setia Bhd, while the telecommunication and media index declined the most by 0.92 per cent.
Turnover was 4.19 billion shares worth RM5.97 billion from 3.99 billion worth RM4.08 billion on Thursday.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the FBM KLCI continues its upward trajectory, buoyed by positive sentiment across the region.
He said that Asian markets largely advanced, mirroring gains from Wall Street, where investors celebrated the US Fed's substantial interest rate cut.
He added that investors sentiment is improving amid the strengths of regional currencies against the US dollar.
"As for the FBM KLCI, maintaining above the 1,670 level and breaking the 1,680 resistance for an extended period would solidify the base for a more sustainable upward trend. "Looking forward to next week, we believe investors are poised to buy on the breakout, strengthen their positions, or use leverage to maximise their profit potential," he said.
According to Thong, the benchmark index has exhibited a steady upward trend and exponential moving average (EMA) remains solidly above both its 20-day EMA and 50-day EMA, signaling sustained bullish momentum in the short and medium terms.
"As such, we anticipate the FBM KLCI to trend within the 1,660 to 1,680 range for next week," he added.