KUALA LUMPUR: Bursa Malaysia ended the day in a positive note in tandem with the positive performance across the region with buying mainly on telco stocks.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) increased to 0.32 per cent, or 5.15 points to 1,590.09 compared to Thursday's close at 1,584.94.

The broader market remained positive as gainers led losers by 673 to 411, while 488 counters remained unchanged.

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng stated that the benchmark index received robust support.

"We expect the FBM KLCI to remain steady due to the attractive valuations of local stocks and ongoing support from local institutions.

"Nevertheless, rising global volatility will likely cause more cautious trading for the week ahead.

"The FBM KLCI continued its retracement this week but experienced a small rebound today.

"Despite this rebound, we foresee that the KLCI may undergo further consolidation and establish a base in the short to mid-term," he added.

Thong expects the benchmark index to fluctuate between 1,580 and 1,600 next week, with immediate support at 1,575, followed by 1,565, and resistance at 1,610, followed by 1,619.

Regionally, Thong said key indices ended higher due to bargain hunting activities, with investor confidence bolstered by the belief that cooling US inflation could lead the Federal Reserve to lower rates this year.

https://www.nst.com.my/business/corporate/2024/06/1069598/interest-telco-stocks-fuels-bursa-malaysia-higher