KUALA LUMPUR: Bursa Malaysia sustained its momentum following the release of the country's stronger-than-expected gross domestic product (GDP) growth for the second quarter of 2024 (2Q24).

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 0.68 per cent or 10.96 points to 1,623.90 from Thursday's closing of 1,612.94. 

The broader market also remained positive, with 800 gainers outpacing 318 losers, while 461 counters remained unchanged.

Tradeview Capital fund manager Neoh Jia Man attributed the momentum to the strong performance observed in regional markets, especially in Japan.

"We believe that the trading direction for Bursa Malaysia next week will likely be influenced by corporate earnings announcements, with the FBM KLCI potentially retesting its 1,600 support level," he told Business Times.

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng noted that the FBM KLCI continued to inch higher and experienced an upside gap today, as the index pulls further away from all exponential moving averages (EMAs).

He added that with the 20-day EMA beginning to trend upwards, the momentum indicates a possible push towards the next resistance level at 1,632.

"A decisive break above this level could signal further gains. On the downside, immediate support is now at 1,610.

"As a result, we expect the index to hover within the 1,610-1,632 range for the next week," he said.

https://www.nst.com.my/business/corporate/2024/08/1092514/bursa-malaysia-keeps-momentum-after-release-strong-gdp-print