KUALA LUMPUR: Bursa Malaysia closed higher on Monday buoyed by market optimism and year-end window dressing activities by local institutions.
At 5pm, FTSE Bursa Malaysia (FBM) KLCI rose 0.59 per cent or 9.54 points to 1,637.68 versus Friday's close of 1,628.14.
The key index moved between 1,624.92 and 1,638.56 range throughout the day.
The broader market saw gainers led losers 614 to 452 while 526 counters were unchanged.
On the index board, FBM100 added 0.59 per cent to 12,237.18, FBM Emas gained 0.61 per cent to 12,557.92 and FBM Ace lost 0.08 per cent to 5,345.87.
UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan said the index surpassed the 1,633 resistance, with the next resistance level at 1,648, while immediate support was seen at 1,620 and 1,600.
"While some argue that window dressing may not lead to sustainable growth, we believe the recent rally has allowed the index to revisit prior highs.
"It is important to note, however, that this is not a new peak, as the index reached 1,678 in early September this year," he said.
He added that unless window dressing activities propel the index to an all-time high, there is no immediate cause for concern.