KUALA LUMPUR: Bursa Malaysia closed slightly higher today driven by bargain hunting activities following yesterday's sell-off.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) was up 2.10 points to 1,445.55 from Monday's close of 1,443.45.
The main index began the day 0.66 points lower at 1,442.79 and fluctuated between 1,441.89 and 1,447.05 throughout the day.
On the broader market, decliners outnumbered gainers 564 to 367, while 451 counters were unchanged.
Turnover was lower at 3.15 billion units worth RM1.95 billion from 3.33 billion units worth RM2.04 billion yesterday.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said key regional indices ended mostly lower due to fears of higher interest rates in the US, which may slow down the global tech sector.
He added that the US Treasury yields reached new 16-year highs today, maintaining the dollar's proximity to a 10-month peak and indicating that interest rates are poised to remain elevated in the near term.
"On the domestic front, we expect investor sentiment to remain cautious despite today's rebound due to the aforementioned reasons.
"Nonetheless, with continuous support from foreign funds, we believe the outlook for local equities should remain stable," he told Business Times.
Therefore, Thong said the firm maintains its weekly FBM KLCI target at between 1,440 to 1,460, with immediate support at 1,440 and resistance at 1,460 points.
