KUALA LUMPUR: Bursa Malaysia ended the day slightly higher amid profit-taking of property stocks following their recent rally.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 0.04 per cent or 0.59 points, to 1,612.94, up from Wednesday's close of 1,612.35. 

The index began the day 2.28 points higher at 1,614.63 and fluctuated between 1,605.69 and 1,614.69 during the session.

On the broader market, losers outnumbered gainers 755 to 279, with 468 counters unchanged.

Turnover was higher at 3.54 billion units worth RM2.76 billion from Wednesday's 3.46 billion units valued at RM2.49 billion.

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the FBM KLCI remained in consolidation mode, due to cautious trading ahead of the earnings season. 

He added that major regional indices tracked overnight gains on Wall Street, with investors remaining confident that the Fed will cut rates next month. 

Nonetheless, he expects steady investor sentiment for the local bourse, bolstered by solid support from local institutions.

"That said, we prefer to exercise caution amid increasing market volatility and expect the benchmark index to remain in consolidation mode, although bargain hunting activities may emerge," he told Business Times. 

Thong expects the FBM KLCI to trend within the range of 1,610-1,620 towards the weekend.

https://www.nst.com.my/business/corporate/2024/08/1092078/investors-take-profits-property-stocks-bursa-malaysia-ends