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Has The Malaysia KLCI Found A New Level Of Support?

Analyst Team trader
Updated 10 May 2024

The Malaysian stock market ended the trading week mixed, with the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) holding steady above the significant 1,600 point threshold for the fourth straight session.

At the closing bell, the FBM KLCI registered a marginal decrease of 0.03%, or 0.55 points, concluding the day at 1,600.67. This slight dip follows the last session's closing, yet the index managed to stay afloat above the 1,600 mark—a level viewed as a psychological benchmark for market stability.

In the broader market, sentiments were predominantly positive with gainers leading the way. There were 601 gainers as opposed to 538 decliners, while 494 counters remained unchanged. Such a balance indicates an overall positive outlook in the investor community, even with the underlying caution inherent in the day's trading pattern.

In the context of regional activity, key indices throughout Asia concluded the trading session mostly on a higher note. This uptrend mirrored improved labour market conditions in the United States and a weakening dollar. The softened currency, coupled with positive job data, fuels speculation and confidence among investors regarding potential rate cuts, which could further invigorate the regional markets.

Although Bursa Malaysia's key index closed with a very slight decline, the overall market sentiment remains strong backed by a majority of gainers and sustained interest from foreign investments. Now up at multi year highs, those bullish towards KLSE will be hoping that the 1,600 point can now act as a level of support for continued market expansion.

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The AskTraders Analyst Team features experts in technical and fundamental analysis, as well as traders specializing in stocks, forex, and cryptocurrency.