Bursa stretches gains to 3rd day as banking stocks shine

KUALA LUMPUR: Bursa Malaysia’s key index rallied to close higher for a third straight session today on continuous foreign buying mainly in banking stocks.

“From a technical point of view, the benchmark index has broken its 1,415 resistance level due to continuous foreign buying, and is expected to test the 1,430 level soon on the back of improved investor sentiment, while support is unchanged at 1,400,” he added. The market bellwether opened 0.84 of-a-point lower at 1,412.68 this morning and hit a low of 1,412.38 in the early session, before gaining momentum to move in an upward trajectory towards closing.

On the index board, the FBM Emas Index gained 58.29 points to 10,507.08, the FBMT 100 Index was 64.52 points better at 10,195.89, the FBM Emas Shariah Index increased 63.93 points to 10,810.88, the FBM 70 Index climbed 22.81 points to 13,899.1, while the FBM ACE Index slid 9.73 points to 5,319.86.

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