Rakuten Trade expects the FBM KLCI to test the 1,730 level by end-2024.
PETALING JAYA: The FBM KLCI climbed to a fresh three-year high yesterday, bucking the downward trend seen in most regional stock markets, as gold surged to a record high.
At 5pm, the 30-stock index advanced 7.58 points, or 0.47%, to 1,633.54, marking its highest level since March 10, 2021, when it reached 1,639.83.
It traded within a range of 8.14 points between an intra-day high of 1,638.03 and a low of 1,629.89 during the session.
In the broader market, gainers outnumbered decliners 770 to 445, while 513 counters remained unchanged. Turnover rose to 5.3 billion shares worth RM3.9bil.
Rakuten Trade Sdn Bhd expected the FBM KLCI to test the 1,730 level by end-2024 based on 16.5 times price-to-earnings ratio on 16% earnings growth. It had expected the index to touch 1,660 by year-end.
Among the gainers on Bursa Malaysia, Heineken Malaysia Bhd
jumped 60 sen to RM22.88, Kuala Lumpur Kepong Bhd added 50 sen to RM20.52, Gamuda Bhd rose 30 sen to RM8.25 and PPB Group Bhd climbed 24 sen to RM14.64.
