KUALA LUMPUR: Bursa Malaysia ended the trading week in positive territory with buying across the board following improved sentiment globally.
At 5pm, FTSE Bursa Malaysia (FBM) KLCI rose 0.43 per cent or 6.19 points to 1,462.45 versus Thursday's close of 1,456.26.
The key index moved between 1,455.69 and 1,464.78 throughout the day.
The broader market was also positive with gainers surpassing decliners 528 to 426 while 459 counters were unchanged. Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng noted the ongoing improving catalysts and global sentiment send a positive signal for the market.
"We expect the local equities to trend higher for next week," said Thong.
He added the benchmark index posted five white candles in a row and bounced off its 20-day exponential moving average (EMA) line with a long white candle.
"Considering the 20-day EMAs turning upward and pushing further away from both the 20-day and 50-day EMA lines, we believe there is upward momentum in the near term.
"Notably, the next resistance levels are identified at 1,465 (R1) followed by the psychological mark of 1,500 (R2).
"If the FBM KLCI surpasses the 1,465-resistance line, we foresee additional upward potential, hence, we anticipate the benchmark index to trend within the 1,455-1,475 range for next week, with immediate support at 1,450 followed by 1,440," added Thong.
Regionally, major indices recorded gains after the US Federal Reserve maintained rates and outlined a plan for cuts in 2024 and beyond.
FBM100 gained 0.45 per cent or 47.3 points to 10,502.27, FBM Ace added 0.45 per cent or 48.21 points to 10,835.88 and FBM Ace was up 0.8 per cent or 41.35 points to 5,180.67.