KUALA LUMPUR: Bursa Malaysia ended on a positive note, staying above the 1,600 level primarily driven by purchasing activities in gaming, plantation and banking shares.

At 5:00pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 2.24 points or 0.14 per cent to 1,602.91 from last Friday's closing of 1,600.67.

In the broader market, gainers outnumbered losers, with 641 stocks advancing compared to 488 declining ones, while 512 counters maintained their previous positions.

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng expressed optimism about domestic stocks, citing robust fundamentals, appealing valuations, promising growth prospects and the influx of foreign investments as key supporting factors.

"As such, we anticipate the index to hover within the range of 1,600-1,620 the week, with immediate support at 1,600 followed by 1,585 and resistance at 1,615," he added.

Across the region, major indices experienced mixed outcomes, with some countries seeing profit-taking activities after a recent uptrend.

"Chinese stocks faced downward pressure amid anticipation that the Biden administration will unveil plans this week to increase tariffs on electric vehicles, semiconductors, solar equipment, and medical supplies imported from China.

"On a positive note, reports suggest that authorities in Beijing are making preparations for the issuance of one trillion yuan (US$140 billion) in longer-maturity bonds to support domestic stimulus measures," he said.

Thong noted that Hong Kong stocks continued to advance, with traders reacting positively to the mentioned developments.

https://www.nst.com.my/business/corporate/2024/05/1050163/bursa-malaysia-ends-higher-stay-above-1600