KUALA LUMPUR: Bursa Malaysia ended trading in positive territory supported by bargain hunting activities after two-days of sell-offs.
At 5pm, FTSE Bursa Malaysia KLCI (FBM KLCI) was up 0.37 per cent or 5.62 points to 1,541.41 versus Wednesday's close of 1,535.79.
The key index opened at 1,539.12 and moved between 1,534.66 and 1,542.33 throughout the day.
The broader market saw gainers led decliners 629 to 440 while 479 counters were unchanged.
The index board saw FBM100 rose 0.42 per cent to 11,185.90, FBM Emas gained 0.45 per cent to 11,536.49 and FBM Ace added 1.31 per cent to 4,835.33.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said key regional indices closed higher as well buoyed by strong corporate earnings from China's tech companies.
This was further supported by the move made by the US Federal Reserve to keep interest rates steady for now, and at least three rate cuts in 2024.
"The Chinese government announced fresh measures to support the economy. "As for the local bourse, we cautiously hold an optimistic outlook for the local market amidst its escalating volatility. "Nonetheless, we maintain a positive long-term view supported by attractive valuations, robust corporate earnings, and improving economic conditions," said Thong.
He anticipates the benchmark index to trend within the range of 1,540-1,550 towards the weekend.
