KUALA LUMPUR: Bursa Malaysia's key index closed just shy of the 1,600 level at midday as regional markets rebounded on cooling of US recession fears.

At 12:30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) ended its morning session at 1,599.34, increased by 0.56 per cent or 8.96 points from Thursday's close of 1,590.38.

The index opened 10.78 points stronger at 1,601.16.On the broader market, gainers trumped losers 986 to 158 while 289 counters unchanged, 1,009 untraded and 22 others suspended.

Turnover stood at 1.93 billion units worth RM987.31 million.

Maybank Investment Bank (Maybank IB) said the FBM KLCI continued to rally after yesterday's breather, potentially on optimism over last night's lower-than-expected US initial jobless claims data.

It said the broader market was favoring the bulls as well with gainers outpacing laggards.

"The technology sector outperformed and was overall positive with majority of the sector's constituents in the green."The transportation and logistics sector may see a new uptrend if the index manages to break above its resistance level of 1,086," it added.

https://www.nst.com.my/business/corporate/2024/08/1089021/fbm-klci-closes-just-shy-1600pts-midday-buying-interest-returns