KUALA LUMPUR: Breaking a five-day losing streak last week, Bursa Malaysia closed higher on Monday, thanks to late buying activities amid mixed performance in the regional markets.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.42 points to 1,446.39 from Friday's closing of 1,441.97.
The key index started 0.65 points lower at 1,441.32, reaching a low of 1,440.40, and then followed an upward trajectory to close at its peak for the day.
On the broader market, gainers outnumbered decliners by 483 to 397, while 463 counters were unchanged.
Turnover increased to 3.82 billion units worth RM2.47 billion from 2.99 billion units valued at RM1.99 billion last Friday.
Rakuten Trade equity research vice-president Thong Pak Leng said the FBM KLCI ended marginally higher due to late buying mainly on commodity related stocks.
He added that key regional indices trended mixed due to cautious trading ahead of US inflation data, US Fed policy decision and retail sales numbers later this week.
"As such, we expect the FBM KLCI to trend sideway with an upside bias within the range of 1,435 to 1,455 for the week," he told Business Times.
On the domestic front, Thong said the market undertone will remain cautious given the uncertainties on the global economic outlook, nonetheless, the valuation of the benchmark index remains attractive.