KUALA LUMPUR: Bursa Malaysia closed broadly lower due to heavy selling pressure across the region as the Israeli invasion of Gaza continues to weigh on investors' risk appetite.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 5.18 points to 1,438.96 from Friday's close of 1,444.14.
The key index, which opened 1.22 points better at 1,445.36, moved between 1,436.5 and 1,446.12 throughout the day.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the ongoing conflict has sent shockwaves through oil markets, intensifying the existing uncertainties that were already looming over the US interest hike and global economic outlook.
Thong said Bursa Malaysia FBM KLCI's sentiment may be cautious, given the increasing market risks and volatility in the global markets.
"Nevertheless, we believe that the valuations of the FBM KLCI remain attractive and hold potential for investors.
"However, considering the trading pattern of the benchmark index, we expect it to enter a consolidation phase until new catalysts emerge.
"Consequently, we anticipate the Bursa Malaysia FBM KLCI to trade within the range of 1,430-1,450 for the week, with immediate support at 1,430 and resistance at 1,460," he told the Business Times today.
Market breadth was negative with decliners thumping advancers 597 to 284, while 451 counters were unchanged, 1,022 untraded and 24 others suspended.
Among other heavyweights, Malayan Banking Bhd stayed flat at RM8.98, Tenaga Nasional Bhd shed seven sen to RM9.95, while CIMB Group Holdings Bhd lost five sen to RM5.61 and IHH Healthcare Bhd slipped one sen to RM5.95.
Of the actives, Classita Holdings Bhd slipped one sen to 60 sen, Asdion Bhd earned three sen to six sen while Compugates Holdings Bhd inched up 0.5 sen to 1.5 sen, Widad Group Bhd was flat at 55sen and Kanger International Bhd down half sen to 11sen.