KUALA LUMPUR: Bursa Malaysia ended higher on Wednesday, driven by widespread buying and mirroring Wall Street's gains.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 0.83 per cent or 13.47 points to finish at 1,634.17, up from the previous close of 1,620.70.
The broader market was also positive, with gainers outnumbering losers 848 to 350, while 431 stocks remained unchanged.
Rakuten Trade Sdn Bhd's equity research vice president Thong Pak Leng said the benchmark index continued its upward trajectory due to improving investor sentiment.
He said Bank Negara Malaysia's hold on the overnight policy rate (OPR) at 3.0 per cent provides added clarity to the local market landscape.
"Nonetheless we maintain our cautious stance as the US Presidential election result will change the global geopolitical scene.
"The recent upward movement on the FBM KLCI suggests some buying interest, which may provide a short-term rebound opportunity," he said.
Thong said in the technical point of view, the moving average convergence divergence begins to converge toward the signal line, supported by an increase in volume and upward price movement, could indicate a potential reversal to bullish momentum.
"Our advice to investors is to await a clear crossover above the signal line for a stronger indication of a positive shift in market sentiment before pursuing bullish entries.
"With the improving market sentiment, revise our weekly FBM KLCI weekly target to between 1,610-1,640," he added.