KUALA LUMPUR: Bursa Malaysia closed higher on Friday, fuelled by the positive sentiment from bargain hunting activities.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.33 points or 0.28 per cent to 1,580.30 from Tuesday's close of 1,575.97.
The benchmark index opened one point easier at 1,574.97 and moved between 1,574.27 and 1,582.68 throughout the day.
However, on the broader market, decliners outpaced gainers 620 to 530, while 464 counters were unchanged, 676 untraded and 18 others suspended.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said key regional indices trended mixed following mixed cue from Wall Street overnight.
On a positive note, Thong said US Federal Reserve chair Jerome Powell remarked that the central bank's next move is unlikely to involve a rate hike, highlighting the necessity for persuasive evidence to adjust policy and steer inflation towards the two per cent target.
"On the domestic front, our view on the local equity market remains optimistic, underpinned by its compelling valuations and steady foreign inflow.
"As such, we foresee the benchmark index to trend within the range of 1,580-1,590 towards the weekend," he told the Business Times.
Among the heavyweights, Malayan Banking Bhd rose five sen to RM9.78, CIMB Group Holdings Bhd added three sen to RM6.64 and Tenaga Nasional Bhd gained six sen to RM12.02. IHH Healthcare Bhd stayed flat RM6.33 while Public Bank Bhd shed two sen to RM4.10.
As for the actives, My E.G. Services Bhd slid three sen to 90 sen while Iconic Worldwide Bhd and Bina Puri Holdings Bhd were flat at 10 sen and 75 sen, respectively.
