Bursa ends marginally higher on improved risk appetite
The local bourse is expected to remain slightly positive in the near term, as the oversold FBM KLCI could spur bargain-hunting, says analyst.
Bursa Malaysia experienced a marginal increase in its benchmark index, the FBM KLCI, at the close of Friday's trading session. The index rose by 0.88 of a point to 1,631.75, following positive regional market trends and a softened risk appetite. This improvement was attributed to the release of subdued US labor data, which decreased the likelihood of further Federal Reserve rate hikes and eased pressure on bond yields.
Throughout the trading day, the benchmark index fluctuated between 1,630.95 and 1,640.46. However, the majority of listed stocks underperformed, with 599 stocks declining compared to 564 that rose, and 523 remaining unchanged. Turnover for the session amounted to 4.78 billion units, valued at RM2.89 billion, slightly higher than the previous Friday's 4.23 billion units.
Thong Pak Leng, vice-president of equity research at Rakuten Trade Sdn Bhd, noted that technology shares played a significant role in the index's rise. Despite the overall positive sentiment, the market remains volatile, and analysts anticipate a gradual recovery in the near term.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- Bursa ends marginally higher on improved risk appetite freemalaysiatoday.com
