KUALA LUMPUR: Bursa Malaysia closed slightly higher today, mirroring the positive performance of regional bourses.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 4.03 points to 1,539.86 from yesterday's close of 1,535.83.
The benchmark index, which opened 0.69 points higher at 1,536.52, maintained a narrow range between 1,535.32 and 1,541.15 throughout the day.
On the broader market, decliners outnumbered gainers 495 to 486, while 425 counters were unchanged.
Turnover declined to 3.03 billion units worth RM2.73 billion from 3.65 billion units worth RM2.66 billion yesterday.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said taking the positive cue from Wall Street overnight, key regional indices showed an upward trend.
He added that China's export figures for the first two months of 2024 outperformed expectations, with a 7.1 per cent year-on-year increase in dollar-denominated exports, surpassing the 1.9 per cent rise anticipated in a Reuters poll, providing an extra boost to investor confidence.
"As for the local bourse, the market undertone has also improved accordingly.
"The FBM KLCI faced selling pressure and breached the key support level of 1520 on Tuesday.
"Nevertheless, the benchmark index rebounded and surpassed the 20-day exponential moving average (EMA) today, indicating a potential shift to a positive trend in the upcoming sessions," he told Business Times.
Thong expects choppy market conditions ahead and consolidation to persist, with the index fluctuating around the 20-day EMA.
He said if residual selling pressure continues, the index may fall and retest the 1,508-1,520 levels once again.
"Therefore, we anticipate the index to hover within the range of 1,527–1,545 next week, with immediate support at 1,520, followed by 1,508," he noted.
