KUALA LUMPUR: Bursa Malaysia ended the week in the positive territory as investors bought into outperforming heavyweights.
At 5pm, the FTSE Bursa Malaysia KLCI gained 3.62 points to 1,549.11 from Thursday's close of 1,545.49.
The benchmark index opened slightly higher at 1,546.35, increasing by 0.86 points, and fluctuated between 1,544.18 and 1,551.15 throughout the session.
On the broader marker, losers outnumbered gainers 613 to 448, while 458 counters were unchanged.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the FBM KLCI rebounded mainly due in strong buying on YTL Corp Bhd following its strong fourth quarter of financial year 2023 (4QFY23) earnings.
He added that key regional indices performed positively, driven by a massive inflow of funds and strong buying in tech stocks.
"Additionally, signs of improved consumer spending during the Chinese New Year holiday contributed to positive sentiment towards China.
"The People's Republic of China (PRC) government played its part by implementing more supportive measures, including cutting interest rates and restricting block share sales.
"On the domestic front, we remain positive on the local market outlook, fueled by enticing valuations and continuous support from foreign inflow," he told Business Times.
Thong said despite a pullback following strong gains on Tuesday, the FBM KLCI retains a position above all the Exponential Moving Averages (EMAs).
He noted that the positive bias is further supported by the improving EMAs, indicating ongoing consolidation.
As such, Thong expects the benchmark index to hover within the range of 1,540 to 1,570 for the next week, with immediate support at 1,534, followed by 1,520.
He said a notable subsequent resistance level is identified at 1,570, and a breakthrough above this level could signal further upward momentum.
