KUALA LUMPUR: Bursa Malaysia closed higher today as bargain hunters pushed stocks higher ahead of tomorrow's 2025 Budget announcement.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 8.81 points or 0.54 per cent to 1,641.44 from Wednesday's close of 1,632.63.
The benchmark index, which opened 1.84 points higher at 1,634.47, moved between 1,633.72 and 1,642.93 during the trading session.
Market breadth was positive as gainers led losers by 634 to 391, while 492 counters remained unchanged, 976 were untraded and 18 were suspended.
Turnover narrowed to 2.69 billion units valued at RM2.45 billion compared to 2.79 billion units worth RM3.16 billion on Wednesday.
Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said FBM KLCI closed higher as bargain hunters stepped in after yesterday's dip, taking advantage of lower prices.
He also noted that regional markets ended the day lower with heavy selling of property stocks in China and Hong Kong after China's housing ministry briefing failed to impress investors.
At the same time, Japan's market closed lower as investors digested trade data showing a 1.7 per cent YoY decline in exports for September, signaling potential economic weakness.
In contrast, Thong said regional emerging markets saw buying interest as foreign investors directed their funds toward these countries, attracted by better growth prospects.
"On the domestic front, the benchmark index remains in consolidation mode as global caution dampens investor sentiment, suggesting the index will likely hover within a narrow trading range. "Hence, we anticipate the FBM KLCI to trend within the range of 1,630 to 1,650 toward the weekend," he added.