KUALA LUMPUR: Bursa Malaysia closed higher today with strong buying on utilities and plantation stocks, analysts said.
Key regional indices finished mostly higher as global funds continue to flow into the region.
At 5pm, the FBM KLCI edged up 9.29 points to 1,589.59 from Thursday's close of 1,580.30.
The benchmark index opened 1.29 points higher at 1,581.59 and moved between 1,581.59 and 1,590.56 throughout the day.
In the broader market, gainers led decliners 621 to 414, with 460 counters unchanged, 803 untraded, and 20 others suspended.
Turnover rose to 3.87 billion units worth RM3.15 billion from 3.81 billion units valued RM3.06 billion on Thursday.
SPI Asset Management managing director Stephen Innes said Asian markets are showing strength as investors await the US labour report, with US Treasury yields declining on Thursday in anticipation of a softer US non-farm payrolls release.
Some market speculation suggests that Federal Reserve chair Jerome Powell hinted at the non-farm payroll outcome during his relatively dovish press conference.
He said the lingering dovish tone from Powell's post-Federal Open Market Committee remarks continues to resonate across global markets, driving the KLCI higher toward yearly highs.
"Despite persistent challenges in China's economic fundamentals, including slowing growth and regulatory uncertainties, which typically have negative implications for the rest of Asia, investors seem to be identifying potential opportunities amidst emerging economic and policy developments," he told Business Times.
Rakuten Trade equity research vice president Thong Pak Leng said optimism among investors soared as additional stimulus initiatives in China, particularly in real estate, significantly lifted property stocks.
"On the local front, we are positive on the returning of foreign funds into the region and China's stimulus plan, which will positively impact investor sentiment, although profit-taking activities may occur, hence we expect the benchmark index to trend sideways with a positive inclination," he said.
The FBM KLCI has continued its rally, supported by buying interest in heavyweights, said Thong.
"While we anticipate a brief pause for the bulls following the strong rally, the index has maintained its position above all EMAS.
"As such, we anticipate the FBM KLCI will hover within the 1,575-1,600 range for next week," he added.
