Rakuten Trade's Thong said the FBM KLCI is expected to trade within the range of 1,600-1,620 for the remainder of the week.
KUALA LUMPUR: Bursa Malaysia closed at its intraday high yesterday, bolstered by broad-based buying amid improving global sentiment, an analyst says.
At 5pm, the FBM KLCI surged 1.08% or 17.36 points to 1,615.32, up from Tuesday’s close of 1,597.96. The benchmark index opened 1.64 points higher at 1,599.60.
On the broader market, gainers outpaced decliners 902 to 326, with 453 counters unchanged, 724 untraded and nine suspended.
Turnover rose to 5.47 billion units worth RM4bil from the previous day’s 5.39 billion units worth RM3.99bil.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said major regional indices also closed higher, buoyed by positive signals from Wall Street.
He added Federal Reserve chair Jerome Powell’s comments renewed hopes that the US central bank may begin easing later this year.
Looking ahead, he anticipated continued positive investor sentiment, noting robust daily trading volumes indicative of strong market appetite.
“Nonetheless, we anticipate profit-taking activities. The FBM KLCI is expected to trade within the range of 1,600-1,620 for the remainder of the week, with immediate resistance at 1,620 and support at 1,580,” he told Bernama.
Meanwhile, UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan said the market performance was led by the construction and utilities sectors, both benefiting from rising investment in data centres, artificial intelligence and cloud services.
“The optimistic outlook for the construction sector is further supported by a substantial pipeline of infrastructure projects, and an upswing in project rollouts from the private sector,” he said.
