KUALA LUMPUR: Bursa Malaysia closed higher on Friday, fuelled by the positive sentiment which swept across the region.  

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 5.91 points to 1,575.16 from Thursday's close of 1,569.25.   

The benchmark index started 1.58 points lower at 1,567.67, fluctuating between 1,566.34 and 1,575.57 during the trading session.  

On the broader market, gainers led decliners 621 to 466 while 470 counters were unchanged.  

Turnover rose to 4.11 billion units worth RM3.25 billion from 3.96 billion units worth RM2.83 billion on Thursday.  

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the firm is positive about the return of foreign funds into the region and anticipate that buying will continue into next week. 

However, he does not discount the possibility of profit-taking activities. 

"Hence, we foresee the FBM KLCI trending rangebound for the coming week.  

"The benchmark index managed to surpass the stiff resistance of 1,570 and surged to a two-year high on Wednesday.  

"Although there was a pullback after the rally, we interpret this correction as a healthy consolidation necessary to sustain the upward trend," he told Business Times. 

Thong said while the firm anticipates a brief pause for the bulls following the strong rally, the FBM KLCI has maintained its position above all exponential moving averages (EMAs).  

He added that the upward trajectory of the 20-day EMA suggests that the index is in consolidation mode with a positive bias.  

Accordingly, he predicts the FBM KLCI will hover within the range of 1,555 - 1,590 for next week, with immediate support at 1,555, followed by 1,545.

https://www.nst.com.my/business/corporate/2024/04/1043005/bursa-malaysia-closes-higher-buoyed-positive-sentiment