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 concluded marginally higher on Friday, buoyed by a more optimistic risk appetite and reduced expectations of further Federal Reserve tightening following softer US labor data. The FTSE Bursa Malaysia KLCI (FBM KLCI) ended the day at 1,631.75, up 0.88 points from its previous close of 1,630.87. Despite some volatility, the index traded within the 1,630.95 to 1,640.46 range throughout the session.
Domestic liquidity and institutional buying contributed to the positive sentiment, with local institutions netting RM352.4 million in purchases last week. However, foreign selling continues to be a concern for the market. Technology stocks were among the strongest performers, while blue chips are expected to attract bargain-hunting, keeping the FBM KLCI in a slight near-term uptrend.
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.
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