KUALA LUMPUR: Bursa Malaysia ended the first week of trading in 2024 on a high note, fuelling optimism for an extended rally.
The key index closed 0.70 per cent or 10.35 points higher to 1,487.61 versus Thursday's close of 1,477.26.
FTSE Bursa Malaysia KLCI which opened at 1,476.89 points moved between 1,476.85 and 1,487.61 throughout the day.
The broader market was also positive as gainers led decliners 745 to 351 while 417 counters remained unchanged.
On the index board, FBM100 rose 0.84 per cent to 10,744.35, FBM Emas added 0.85 per cent to 11,097.22 and FBM Ace gained 0.94 per cent to 5,438.27.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the local market continued its upward trajectory as buying remained strong on YTL Corporation Bhd and YTL Power International Bhd.
"Our optimism persists, fueled by favourable market indicators as we aspire for the benchmark index to remain above the 1,465 level for an extended period, a threshold it struggled to maintain several times last year.
" As the FBM KLCI posted four consecutive white candles and moved away from all the Exponential Moving Average (EMA) lines, it signals a continuation of the ongoing uptrend,' said Thong.
He added the next resistance levels were identified at 1,500 followed by 1,527 while immediate support at 1,465 followed by 1,450.
"If the benchmark index surpasses the 1,500-resistance line, we foresee additional upward potential. As such, we anticipate the index to trend within the 1,470-1,500 range for the next week," he added.
Meanwhile, he said key regional indices ended higher as bargain hunting emerged following the recent sell-off led buy gains in financial stocks.
"Simultaneously, robust indications from the United States labour market data released yesterday are influencing the landscape of expectations for interest-rate cuts. Investors are betting that the US Federal Reserve will cut interest rates by twice as much this year as the central bank has indicated," said Thong.
