FBM KLCI consolidates to end flat, remains above 1,600 key level

BURSA Malaysia’s bellwether, FTSE Bursa Malaysia KLCI (FBM KLCI), ended the week slightly lower but remained above the key 1,600 level for the fourth consecutive day in consolidation mode following recent gains, a dealer said.

At 5pm, the FBM KLCI eased 0.03 per cent or 0.55 of-a-point to 1,600.67 compared to Thursday’s close of 1,601.22.

The barometer index, which opened 2.24 points be er at 1,603.46, moved to a low of 1,599.84 in late trading a er hi ing 1,604.07 during the morning session.

On the broader market, gainers led decliners 601 to 538, while 494 counters were unchanged, 707 untraded and 26 others suspended.

Turnover narrowed to 4.62 billion units worth RM3.27 billion compared to 4.65 billion units worth RM3.13 billion previously.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng noted that the key regional indices ended mostly higher, buoyed by the improved United States labour market conditions, a weakened dollar and renewed global rate cut optimism.

On the home front, he said the long-term outlook remains positive, driven by strong corporate earnings, cheap valuations, and substantial support from foreign investors.

“While the benchmark index is in a consolidation phase following recent gains, we consider this a positive correction.