Bursa Malaysia closes higher amid positive Wall Street signals
KUALA LUMPUR: Bursa Malaysia ended higher on Friday, continuing the strong momentum from earlier in the week.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 0.15 per cent, gaining 2.27 points to close at 1,542.49, up from its previous close of 1,540.22.
Across the broader market, 743 counters recorded gains, surpassing the 308 that declined, while 453 remained unchanged.
UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan said although there were positive signals from Wall Street overnight, the local market remained cautious for most of the day as investors awaited key US labour market data.
"The overall performance of the composite index this week has exceeded our earlier expectations.
"While we initially anticipated the market to trade within a tight range of 1,513 to 1,515, the index extended its rally and ended the week at 1,542.49.
"This stronger-than-expected performance suggests sustained investor confidence and underlying market resilience, even amid global uncertainties," he said.
Sedek noted that heading into next week, the sustained momentum, coupled with renewed foreign interest as overseas investors return as net buyers on Bursa Malaysia, suggests the potential for continued fund inflows.
"Regardless of the non-farm payrolls (NFP) outcome tonight, Malaysian equities continue to stand out on valuation grounds, which could increasingly capture the attention of global investors.
"We expect the FBM KLCI to maintain its upward trajectory, with potential to trade in the 1,565–1,570 range next week," he added.
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