KUALA LUMPUR: Bursa Malaysia closed in positive territory buoyed by bargain hunting activities following yesterday's selldown.
At 5pm, FTSE Bursa Malaysia KLCI (FBM KLCI) closed 4.44 points or 0.31 per cent higher at 1,439.77 from Wednesday's closing of 1,435.33.
The key index, which opened at 1,35.94, moved between 1,435.86 and 1,441.35 throughout the day.
The broader market was also positive with gainers surpassing decliners 575 to 300 while 425 counters remained unchanged.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the firm is positive on the decision to temporarily halt rate hikes in both the United States and Europe which would lead to an uptick in investor sentiment in the immediate future.
"The benchmark index has maintained a tight trading range for more than three weeks and is pending a breakout around 1,445.
"If this level is successfully breached and sustained for a longer period, we see potential for the FBM KLCI to make further advances.
"Driven by renewed optimism, we expect the benchmark index to maintain its buying momentum and trend within the range of 1,435-1,450 towards the weekend," said Thong.
He added that key regional indices also showed positive gains as the US Federal Reserve opted to maintain its benchmark interest rates, contributing to the upbeat sentiment.
"We believe the outlook for regional equities remains upbeat due to favorable interest rate expectations," he added.
On the index board, FBM100 added 46.67 points to 10,305.10, FBM Emas gained 50.85 points to 10,632.05 and FBM Ace rose 25.46 points to 5,023.98.