S. Birruntha
KUALA LUMPUR: Bursa Malaysia ended higher at midday, supported by increased buying activity following the positive close of US stocks and the upward momentum in Asian stock markets.
At 12.30pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 2.55 points to 1,530.93 from Thursday's close of 1,528.38.
The benchmark index, which opened 2.30 points better at 1,530.68 this morning, fluctuated between 1,529.30 and 1,534.53 during the session.
On the broader market, losers outnumbered gainers 463 to 418, while 444 counters were unchanged.
Hong Leong Investment Bank Bhd (HLIB Research) said the ongoing February reporting season, coupled with the higher-than-expected US inflation reading, tempered investors optimism over the Fed's rate-cut expectation.
The investment bank said this has led to an uptick bias in the US dollar and will likely weight the sentiment in the Bursa Malaysia market over the near term.
"However, we remain hopeful for a reprieve in the KLCI should these concerns subside, fuelled by an increased risk appetite by foreigners for the under-owned Bursa Malaysia, a brighter earnings outlook for KLCI components, and a soft landing narrative in the US amid decelerating inflation," it said in a note today.