KUALA LUMPUR: Bursa Malaysia closed mixed on Tuesday as investors spurned the broader market and embraced heavyweights. 

At 5pm, FTSE Bursa Malaysia (FBM) KLCI rose 0.81 per cent or 13.33 points to 1,652.29 from Monday's closing price of 1,638.96, spurred by buying interest in banking, telecommunications and commodity sectors.

The key index opened marginally higher at 1,639.16 points and hit a high of 1,653.12 points.

The broader market was negative however, with losers led gainers 640 to 476 while 452 counters were unchanged. FBM Emas rose 0.55 per cent to 12,420.74, the FBM100 was up 0.65 per cent to 12,110.56 while FBM ACE fell 0.33 per cent to 5,189.94.

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said Malaysian equities continue to offer favourable opportunities due to cheap valuations and improving corporate earnings.

"However, in the near term, the benchmark index is likely to stay in consolidation mode as cautious trading persists amidst rising global uncertainties and heightened geopolitical tensions in the Middle East."

"As such, we anticipate the FBM KLCI to trend sideways with an upside bias within the range of 1,640-1,660 for the remainder of the week," said Thong.

https://www.nst.com.my/business/corporate/2024/08/1097461/bursa-malaysia-closes-mixed-investors-spurn-broader-market