KUALA LUMPUR: Bursa Malaysia closed slightly higher today, with the key index climbing 0.18 per cent, supported by buying in utilities and telecommunications heavyweights, despite softer regional sentiment due to profit-taking and caution surrounding the United States-China trade deal.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.78 points to 1,526.62 from Wednesday’s close of 1,523.84.
The benchmark opened 3.87 points higher at 1,527.71 this morning, and subsequently moved between 1,523.22 to a high of 1,528.72 throughout the session.
On the broader market, losers thumped gainers 500 to 379, while 530 counters were unchanged, 986 untraded and 17 suspended.
Turnover fell to 2.73 billion units worth RM2.07 billion compared with yesterday’s 3.27 billion units worth RM2.59 billion.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the FBM KLCI edged higher with buying in selective heavyweights such as utilities and telco stocks, while key regional indices finished mostly lower due to profit-taking following gains over the last few days.
“In addition, market sentiment was dampened by US President Donald Trump‘s threat to impose new trade tariffs on major economies, while investors remained cautious, awaiting further details on the US-China trade deal,” he told Bernama.
Elaborating on the local market performance, Thong noted that the benchmark index remains in consolidation mode despite closing higher over the past two sessions, as it still needs to break above the 1,530 resistance level and sustain that level for a longer period.
“As such we anticipate the FBM KLCI to trend within the 1,520-1,530 range towards the weekend,” he added.
© New Straits Times Press (M) Bhd
