KUALA LUMPUR: Bursa Malaysia recovered from yesterday's losses to close higher today, driven by bargain hunting after the recent sell-off, amid mixed sentiment in regional markets.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 7.48 points or 0.45 per cent, to settle at 1,656.39, up from Monday's closing figure of 1,648.91.
The benchmark index started the day 1.49 points lower at 1,647.42 and moved within a range of 1,643.11 to 1,657.32 throughout the trading session.
On the broader market, gainers led decliners by 671 to 379, with 475 counters unchanged.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the firm remains cautious and expects market volatility to persist.
Nevertheless, he noted that the benchmark's valuation looks attractive.
"Strong fundamentals in the local economy and corporate earnings are expected to drive the market going forward, suggesting sideways movement with an upward bias.
"We anticipate the FBM KLCI to range between 1,650 and 1,670 for the rest of the week," he told Business Times.
Thong said regional markets also displayed mixed results, with Japan seeing some buying while China and Hong Kong were closed for National Day.