Bursa Malaysia moved back to the upside on Thursday, one session after ending the three-day winning streak in which it had gathered more than 25 points or 1.6 percent. The Kuala Lumpur Composite Index now rests just above the 1,665-point plateau and it's expected to open higher again on Friday.

The FTSE Bursa Malaysia KLCI Futures (FKLI) advanced by 4 points on Thursday, closing at 1,664 points, signalling a potential continuation of its upward movement. After opening at 1,660.50 points, the index briefly dipped to a low of 1,653 points before rebounding to a session high of 1,664.50 points, ending the day on a positive note.

The higher closing indicates strengthening bullish momentum, suggesting the FKLI may soon test the recent high of 1,673.50 points. A break above this immediate resistance level could pave the way for further gains. Given the sustained bullish sentiment, no adjustments have been made to the current positive trading outlook.

Traders are encouraged to maintain their long positions, initiated at 1,565.50 points on 6 August. To manage risk, the trailing-stop is set at 1,630 points.

Support levels remain unchanged, with the nearest support at 1,630 points and further down at the 1,600-point mark. On the upside, resistance is expected at 1,673.50 points, the high from 29 August, followed by the key psychological level of 1,700 points.

Maybank Investment Bank (Maybank) said that the KLCI rose following the recent 50bps FOMC rate cut, reflecting a positive market response. The construction sector emerged as the top performer. At day's end, the KLCI advanced 5.06pts, or 0.30%, to close at 1,665.65pts. Leading the advancers were SUNWAY, YTL and YTLPOWR.

Market breadth was positive, with gainers outnumbering losers by 898 to 322. A total of 3.99b shares worth MYR4.08b changed hands. Maybank expected increased volatility toward the end of the week as investors continue to evaluate the broader market implications of the rate cut. But the bulls should have the upper hand after Wall Street soared overnight. Technically, Maybank said they expected the benchmark index to range between 1,655pts and 1,675pts today, with supports at 1,623pts and 1,596pts.