PETALING JAYA: Bursa Malaysia’s key index sustained its uptrend but closed off its intraday high, as investor sentiment continued to improve amid broad gains across major Asian markets, says an analyst.
At 5pm, the FBM KLCI added 6.03 points, or 0.37%, to 1,630.60 from Monday’s close of 1,624.57.
The benchmark index, which opened 2.50 points firmer at 1,627.07, moved between 1,624.47 and 1,634.35 throughout the day.
However, the broader market was negative, with decliners outpacing gainers 606 to 489. A total of 577 counters were unchanged, 1,016 untraded and 10 suspended.
Turnover narrowed to 3.93 billion units worth RM3.32bil from 3.99 billion units worth RM2.79bil yesterday.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said that rising expectations of a potential US Federal Reserve rate cut lifted risk appetite despite firmer US Treasury yields.
“Softer US data like slowing manufacturing activity and retail sales further strengthened hopes for monetary easing and supported regional equities,” he told Bernama.
