KUALA LUMPUR: Investors are still cautious as the country waits for the announcement of the Cabinet anytime soon.

As such, Rakuten Trade expects Bursa Malaysia's key index to hover within the 1,485-1,500 range today with QL Resources Bhd and AMMB Holdings Bhd as the new index constituents replacing Top Glove Corp Bhd and Hartalega Holdings Bhd on Dec 19.

The latter two's shares have been under selling pressure in most of 2021 and this year as threat of Covid-19 subsides amid rising vaccination rates globally.

On Thursday, the 30-stock FBM KLCI closed marginally higher in tandem with the improving sentiment in global equities.

The benchmark index added 0.18 per cent or 2.71 points to end at 1,491.51.

Market breadth was positive with 711 advancers against 344 decliners. Total volume stood at 3.94 billion shares valued at RM3.07 billion.

Meanwhile, Rakuten Trade said the ringgit strengthened to almost a six-month high against the US dollar at RM4.40 on Thursday in view of the less aggressive rate hike by the Federal Reserves.

The Fed's latest stance and subsequent stronger ringgit would benefit local importers especially for the consumer and industrial products related companies, Rakuten Trade added.