Late buying lifts Bursa Malaysia to close marginally higher
KUALA LUMPUR: Bursa Malaysia reversed earlier losses to close in positive territory today, with the benchmark index edging higher on late buying across the board, supported by above-average trading volume which reflected renewed market sentiment, an analyst said.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.12 points, or 0.07 per cent, to close at 1,583.51 compared to Tuesday's close of 1,582.39.
The benchmark index opened 0.84 of-a-point higher at 1,583.23 and hit a low of 1,573.44 in the early session before steadily crawling back to a high of 1,583.67 in the late session.
In the broader market, gainers trounced losers 762 to 360, while 449 counters were unchanged, 824 untraded and seven suspended.
Turnover expanded to 4.20 billion units worth RM3.29 billion against 4.16 billion units worth RM4.48 billion on Tuesday.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said key regional indices continued their uptrend following the 90-day trade war pause between the United States (US) and China.
"We note renewed optimism following the US-China trade pause, offering investors a measure of relief.
"We are hopeful that the easing of trade tensions will boost global investor sentiment and benefit Malaysia's equity market, given its strategic position in cross-border manufacturing flows," he told Bernama.
On the home front, Thong anticipates the FBM KLCI to trend within the 1,560-1,600 range for the remainder of the week.
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