According to an analyst, Bursa Malaysia ended higher today, driven by bargain hunting for stocks with lower prices following yesterday’s profit-taking session.
The FTSE Bursa Malaysia KLCI (FBM KLCI) rose 6.20 points, or 0.39 percent, to 1,614.73 from the previous close of 1,608.53. It opened at 1,611.82 and fluctuated between 1,609.34 and 1,617.05 during the trading day.
Bargain Hunting
Gainers outnumbered decliners 770 to 475, with 442 counters unchanged. Turnover increased to 5.35 billion units worth RM4.50 billion.
Analysts say the investors are seizing the opportunity to purchase stocks at lower levels. They remain cautiously optimistic, citing attractive valuations and improving investor confidence, with the FBM KLCI expected to trend between 1,610 and 1,630.
They also mentioned positive cues from Wall Street and expectations of rate cuts by the European Central Bank, boosting market sentiment. Notable gains were seen in heavyweights like Tenaga Nasional, CIMB Group, and IHH Healthcare.
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