KUALA LUMPUR: Bursa Malaysia closed higher today, supported by bargain-hunting activities that emerged following the recent sell-off.
At 5pm, FTSE Bursa Malaysia (FBM) KLCI rose 4.32 points to 1,535.83 from 1,531.51 points on yesterday's closing bell.
Turnover fell to 3.55 billion units worth RM2.60 billion from 3.65 billion units worth RM2.66 billion yesterday.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said key regional indices trended mixed due to mixed reactions on the outlook of US interest rate cut.
Despite the US Federal Reserve chair Jerome Powell's repeated statements about potential interest rate cuts in the coming months, Thong said he clarified that the Fed needs more data on a cooling inflation scenario before taking action.
"This led to disappointment among investors who had anticipated an earlier rate cut," he told the Business Times.
On the domestic front, Thong said the benchmark index stayed within a tight range for several sessions, reflecting cautious trading and suggesting its continued consolidation mode.
"As such, we anticipate the FBM KLCI to move sideways with a positive bias within the range of 1,530-1,545 towards the weekend," he said.
Among other heavyweights, CIMB Group Holdings Bhd gained one sen each to RM6.57, Malayan Banking Bhd rose six sen RM9.70, while Public Bank Bhd was flat RM4.30.
As for the actives, Powerwell Holdings Bhd added five sen to 36 sen, Thriven Global Bhd rose two sen to 12 sen, Widad Group Bhd and TWL Holdings Bhd were both flat at 9.5 sen and 3.5 sen, while Vizione Holdings eased one sen to 4.5 sen.