Rakuten Trade's Thong expects the FBM KLCI to trend between 1,520 and 1,530 towards the weekend.
KUALA LUMPUR: Bursa Malaysia ended on a positive note yesterday with the key index rising 0.36% amid renewed optimism across the board, tracking advancers in key regional markets following encouraging developments in the Middle East.
At 5pm, the FBM KLCI rose 5.50 points to 1,519.79 from Tuesday’s close of 1,514.29.
The FBM KLCI opened 4.38 points firmer at 1,518.67, climbed to an intraday high of 1,524.71 during the mid-morning session, but pared its gains to hit a low of 1,515.86 in the late afternoon session.
The broader market was positive with 577 gainers outnumbering 389 decliners, while 480 counters were unchanged, 997 untraded and 25 suspended.
Turnover improved to 3.15 billion units worth RM2.27bil from 2.53 billion units worth RM2.04bil recorded on Tuesday.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said key regional markets ended higher after Iran and Israel reached a ceasefire, boosting investor sentiment and risk appetite.
“Domestically, we view the Israel-Iran ceasefire as positive for market sentiment, as eased geopolitical tensions contribute to a more stable global environment.
“We remain hopeful that peace negotiations will progress, and expect the FBM KLCI to trend between 1,520 and 1,530 towards the weekend,” he told Bernama.
Meanwhile, UOB Kay Hian Wealth Advisors Sdn Bhd’s head of investment research Mohd Sedek Jantan highlighted that the increase in trading volume signals a return of broader market participation.
“This level of activity, combined with sectoral breadth, suggests improving investor engagement following weeks of cautious trading. While we maintain a cautiously constructive outlook, volatility is expected to remain a defining feature of the market in the coming months,” he added.
