KUALA LUMPUR: Bursa Malaysia closed higher on Friday, in tandem with the positive performance across the region.
At 5pm, the FBM KLCI closed 0.30 per cent or 4.73 points higher at 1,559.98 versus Friday's closing of 1,555.25.
The benchmark index opened 1.53 points higher at 1,556.78.
On the broader market, there were 531 gainers, 511 losers and 502 counters traded unchanged.
Turnover was at 3.968 billion shares valued at RM2.330 billion.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said key regional indices ended stronger following a positive cue from Wall Street last Friday and investors' focus will soon shift to US March inflation data due mid-week.
Meanwhile, he added that speculation is on the rise that the Fed might not achieve three rate cuts this year, with some suggesting that if data remains strong, officials could come under pressure to postpone until 2025.
"Despite the cautious sentiment, we believe interest in Malaysian equities remains favourable given the cheap valuations and improving corporate earnings.
"Nonetheless, in the short term, the benchmark index was stuck in a consolidation mode due to cautious trading given the increasing global uncertainty and geopolitical tensions in the Middle East," he told Business Times.
For the week, Thong reckons trading to be muted in conjunction with Hari Raya Aidilfitri holidays, with the FBM KLCI to trending within the 1,537-1,570 range.