KUALA LUMPUR: Bursa Malaysia managed to keep gains made today, closing higher on buying in the utilities, energy, property sectors.

At 5 pm, the FBM KLCI added 0.51 per cent or 8.11 points to 1,598.20 from Friday's close of 1,590.09.

The benchmark index, which opened 0.17 of a point marginally higher at 1,590.26 fluctuated between 1,587.03 and 1,598.36 throughout the day.

On the broader market, gainers outpaced decliners 685 to 408, with 450 counters unchanged, 831 untraded and five others suspended.

Turnover eased to 3.66 billion units worth RM2.77 billion from last week's 4.30 billion units worth RM3.08 billion.

Tradeview Capital fund manager Neoh Jia Man said market breadth also turned more positive, in tandem with better performance in regional markets.

"We believe the local market is poised for further near-term gains, supported by bottom-fishing activities and the return of foreign investors," he told Business Times.

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the global spotlight is on the Federal Reserve's (Fed) potential rate cuts after data released on Friday indicated that US monthly inflation was unchanged in May. "As for the local bourse, we are positive on the improving market sentiment given the improving macro economic data. "Barring unforeseen circumstances, we anticipate the FBM KLCI to trend within the range of 1,590-1,610 for the week," added Thong.-ends-

https://www.nst.com.my/business/corporate/2024/07/1070831/bursa-malaysia-closes-higher-gains-utilities-energy-and-property