KUALA LUMPUR: Bursa Malaysia closed marginally higher on Monday following cautious sentiment ahead of a series of significant central bank meetings this week.
At 5pm, FTSE Bursa Malaysia KLCI (FBM KLCI) was up 0.05 per cent or 0.81 points to 1,553.64 versus Friday's close of 1,552.83.
The key index which opened at 1,547.45 moved between 1,544.32 and 1,557.33 throughout the day.
The broader market was positive with gainers leading decliners 546 to 480 while 476 counters were unchanged.
FBM100 and FBM Emas both rose 0.12 per cent to 11,218.85 and 11,557.37 points respectively while FBM Ace was up 0.17 per cent to 4,717.12.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the FBM KLCI trended within a narrow range as investors exercised caution prior to a series of significant central bank meetings this week, particularly those of the Federal Reserve and the Bank of Japan.
Major regional indices mostly closed in positive territory following Beijing's announcement that industrial output surged by seven per cent annually over January and February, alongside a 5.5 per cent rise in retail sales compared to the previous year.
"On the domestic front, we prefer to stay cautious due to increasing global volatility and uncertainties. After successfully breaking out from the 1,530 mark, the benchmark index has consolidated within the 1,528-1,558 range.
"Despite this consolidation, the index has consistently remained above all Exponential Moving Averages (EMAs), suggesting a growing potential for upward movement.
"Hence, we uphold the view that the benchmark index is presently in consolidation mode with a slight positive bias," he said.
He anticipates the FBM KLCI to fluctuate within the 1,540-1,570 range for the week, with immediate resistance at 1,560 and support at 1,528.