KUALA LUMPUR: Bursa Malaysia ended the week marginally higher on last minute buying in utilities, gaming and telco stocks.
AT 5pm, FTSE Bursa Malaysia (FBM) KLCI rose 0.29 per cent or 4.34 points to close at its highest level today, 1,487.34, versus Thursday's close of 1,483.
The key index opened at 1,483.24 and hit a low of 1,482.02 during trading.
The broader market was also positive with gainers surpassing losers 492 to 486 while 445 counters remained unchanged.
On the index board, FBM100 and FBM Emas rose 0.30 per cent to 10,761.88 points and 11,116.85 points respectively. FBM Ace lost 0.61 per cent to 5,381.43.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the firm is staying cautious given the major change in macro situation and expect the benchmark index to stay in consolidation mode next week until more clarity surfaces.
"Technically, the FBM KLCI retraced after surpassing the 1,500-resistance level on Tuesday.
"Despite its inability to hold above 1,500 and the emergence of two consecutive black candles thereafter, we view this as a healthy correction for a more sustainable uptrend.
"As such, we expect the benchmark index to move sideways with a positive bias within the range of 1,475-1,495 for next week with immediate support at 1,475 followed by 1,465," said Thong.
Meanwhile, he noted key regional indices ended mostly lower as investors are cautious following the weak performance in Wall Street overnight.
"With the higher than expected US inflation in December, economists predict that the Federal Reserve is unlikely to cut interest rates in March, with many anticipating that the central bank will postpone such a move until its May meeting," said Thong.
