Rakuten Trade's Thong expects the benchmark index to trade between 1,530 and 1,560 for the remainder of the week.
KUALA LUMPUR: Persistent buying in selected telecommunications, media and utilities counters lifted Bursa Malaysia to end at an intraday high yesterday, in line with the positive momentum across regional markets, an analyst says.
At 5pm, the FBM KLCI gained 0.85%, or 13.10 points, to 1,549.90 from the previous day’s close of 1,536.80.
CelcomDigi Bhd
and YTL Corp Bhd were the top two contributors to the benchmark index’s increase, rising 12 sen to RM3.91 and 11 sen to RM2.05, respectively, with a combined contribution of 4.50 points.
Gainers trounced losers 595 to 378, while 477 counters were unchanged, 885 untraded and nine suspended.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said key regional indices closed higher after the Trump administration confirmed that top US officials would meet Chinese counterparts this weekend for trade discussions.
“The local bourse is recovering after two weak sessions, supported by improved investor sentiment and increased foreign buying driven by attractive valuations.
“With positive technical signals emerging, the FBM KLCI appears poised for further gains, provided it holds above its support zones. We expect the benchmark index to trade between 1,530 and 1,560 for the remainder of the week,” he told Bernama.
