KUALA LUMPUR: Bursa Malaysia closed at its intraday high on Tuesday, following the positive trend in other regional stock markets.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 8.40 points, or 0.61 per cent, to 1,391.46 from 1,383.06 at Monday's close.
There were 471 advancers to 368 decliners and 418 counters unchanged.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said FBM KLCI continued its upwards trajectory as market sentiment continues to improve across the region.
Regionally, Thong said key indices closed mostly higher following positive cue from global equities overnight.
"Investors are thrilled by the proactive measures taken by China's regulators to exert pressure on financial institutions, urging them to facilitate more favourable terms for property companies.
"This encouragement includes promoting negotiations to extend outstanding loans, providing a positive outlook for investors," he told the New Straits Times.
Thong said market sentiment in other regional countries is also positive after Taiwan Semiconductor Manufacturing Company (TSMC) reported better-than-expected sales.
On the other hand, he said the US Federal Reserve officials stated that the central bank will need to continue its tightening measures throughout the year in order to effectively bring inflation back down to the targeted 2 per cent goal.
"Hence we advise investors to stay cautious. Despite the strong backing from local institutions, the prevailing cautious sentiment suggests that the benchmark index is expected to remain range bound for the foreseeable future.
"We anticipate the FBM KLCI to trend within the range of 1,380-1,395 for the rest of the week," he added.
All indices on Bursa, apart from the Bursa Malaysia Real Estate Investment Trust (REIT) Index, energy and transportation and logistics, closed higher.
Market sentiment was supported also by the firmer key regional markets.
On the external front, MSCI's Asia ex-Japan stock index was higher by 1.43 per cent.
Among the gainers on Bursa, Heineken Malaysia Bhd gained 46 sen to RM25.98, Petronas Dagangan Bhd added 44 sen to RM22.40 and Pertama Digital Bhd advanced 31 sen to RM3.01.
Hextar Technologies Solutions Bhd eased 78 sen to RM26.32, Fraser and Neave Holdings Bhd fell 36 sen to RM25.04, DKSH (M) Holdings Bhd slid 15 sen to RM4.62 and Dutch Lady Milk Industries Bhd lost 14 sen to RM20.34.