KUALA LUMPUR: Bursa Malaysia closed higher on Friday, in tandem with the positive regional performance, as the key index ended below the 1,600 mark.

The key FTSE Bursa Malaysia KLCI index closed 0.36 per cent or 5.67 points higher at 1,596.05 versus Thursday's close of 1,590.38.

It opened at 1,601.16 and moved between 1,591.75 and 1,604.06 throughout the day.

The braoder market also closed positive with gainers leading decliners 1,103 to 218 while 357 counters were unchanged.

On the index board, FBM100 added 0.73 per cent to 11,807.59, FBM Emas rose 0.87 per cent to 12,175.17 and FBM Ace increased 3.43 per cent to 5,377.66. Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said global funds may look at more reasonably valued markets such as Malaysia and Hong Kong after a tumultuous week.

He said if the FBM KLCI is able to sustain above the 1,600 level and break the 1,610 resistance for an extended period, it will provide a stronger base for a more sustainable uptrend.

"Looking ahead to next week, we believe investors are ready to buy the breakout, add to their positions, or use leveraged tools to maximise profits. "Based on technical analysis, the FBM KLCI has shown four consecutive white candles, indicating momentum that could push the index towards the next resistance at 1,610," he said.

Thong said the index is expected to trade within the 1,590-1,610 range over the next week.

Regionally, major Asian indices finished mostly higher following positive cue from Wall Street overnight. The US market rally picked up as jobless claims came in lower than expected.

https://www.nst.com.my/business/corporate/2024/08/1089154/bursa-malaysia-ends-week-positive-territory-fbm-klci-ends-below