KUALA LUMPUR: Bursa Malaysia extended last week’s gains to close higher for the third consecutive session yesterday, with the key index hitting a 52-week high amid an upbeat regional performance.
At 5pm, the FBM KLCI rose 0.49%, or 7.80 points to 1,597.39 compared to last Friday’s close of 1,589.59.
The benchmark index, which opened 2.21 points higher at 1,591.80, trended between 1,591.17 and a peak of 1,598.26 during the afternoon session.
On the broader market, gainers led decliners 657 to 447 while 499 counters were unchanged, 712 untraded and 16 others suspended.
Turnover widened to 4.48 billion units worth RM3.12bil from 3.87 billion units worth RM3.15bil last week.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng expects buying activities to continue with the upswing in investor sentiment, supported by a steady and strong inflow of foreign funds into the region.
“The increasing daily trading volume signifies a growing appetite for the market and the benchmark index is charging towards the 1,600 psychological level.
“If it successfully breaks through this resistance and can hold for an extended period, we anticipate additional upward potential,” he told Bernama.
Echoing the sentiment, UOB Kay Hian Wealth Advisors’ designated portfolio manager and head of wealth research and advisory, Mohd Sedek Jantan, also reckons the index may continue its upward trajectory, potentially breaching the psychological barrier of 1,600.
“The FBM KLCI has not yet reached overbought levels, indicating the market is not excessively heated, and there is room for further ascent,” he said.
Among the heavyweight stocks, Malayan Banking Bhd
added three sen to RM9.83, Public Bank Bhd gained eight sen to RM4.20 and Tenaga Nasional Bhd rose six sen to RM12.38.
CIMB Group Holdings Bhd was 10 sen higher at RM6.75 and IHH Healthcare Bhd edged up one sen to RM6.30.
