KUALA LUMPUR: Bursa Malaysia closed mixed, even as the FTSE Bursa Malaysia KLCI (FBM KLCI) closed at a peak last seen in May 2022, driven by significant buying interest in major stocks.
At 5pm, the FBM KLCI jumped 11.20 points to 1,558.80 from yesterday's close of 1,547.60.
On the broader market, losers outnumbered gainers 571 to 505, while 400 counters were unchanged.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the FBM KLCI rebounded, driven by ongoing buying interest in YTL Corporation Bhd and YTL Power International Bhd.
He added that major regional indices also rebounded from initial losses and closed in positive territory with strong gains in China and Hong Kong, fueled by investor optimism as China's state fund injected over US$57 billion to support the market while at the same time global funds continue to flow into the region.
"On the other hand, investors are cautiously awaiting various economic data releases, including China's manufacturing purchasing managers' index and the US Personal Consumption Expenditures Price Index, which serves as the Federal Reserve's preferred gauge for evaluating the interest rate outlook," he told Business Times.
Domestically, Thong remains optimistic on the market undertone which supported by solid fundamentals with strong buying on blue chips following their strong quarterly earnings.
Nevertheless, he recognises the chance of profit-taking actions, a factor which the firm do not overlook.
"As such we anticipate the FBM KLCI to trend within the range of 1,540-1,570 for the week. "Technical point of view, we spot the immediate resistance at 1,570 and support at 1,534," he said.