KUALA LUMPUR: FTSE Bursa Malaysia KLCI (FBM KLCI) closed at its intraday high on Monday, supported by bargain hunting in key heavyweights like YTL Corporation Bhd and plantation stocks.
At 5 pm, the FTSE Bursa Malaysia KLCI rose 12.45 points, or 0.77 per cent, to 1,616.43 from Friday's close of 1,603.98.
The benchmark index opened 3.77 points firmer at 1,607.75, reaching its lowest point of the day, before making an upward climb.
Market breadth was positive, with advancers trouncing decliners 537 to 485, while 502 counters were unchanged, 877 untraded, and 30 suspended.
Turnover slipped to 2.41 billion units valued at RM2.15 billion versus 2.47 billion units valued at RM2.14 billion last week.
Rakuten Trade Sdn Bhd's equity research vice president Thong Pak Leng said on the domestic front, the firm remains cautiously optimistic on the FBM KLCI outlook as investor sentiment strengthens.
However, Thong said investors are encouraged to stay alert due to rising market volatility and uncertainties, such as geopolitical tensions and the US Presential Election.
"The improvement in local economic indicators and growth in corporate earnings support a positive long-term view of the Malaysian market. "Currently, the FBM KLCI remains in consolidation mode, attributed to below-average trading volumes," he said.
Overall, Thong said the firm anticipates that this consolidation phase will persist until there is a notable increase in market participation.
"Once trading activity picks up, it may provide the momentum needed for the FBM KLCI to break out of its consolidation range, potentially aligning with further positive economic data and stronger earnings performance. "We expect the benchmark index to trend within the range of 1,610-1,630 for the week," he added.
Among the actives, Cape EMS Bhd rose 3.5 sen to 34.5 sen, Ta Win Holdings Bhd fell one sen to 1.5 sen while Bahvest Resources Bhd rose 9.5 sen to 93.5 sen.