KUALA LUMPUR: Bursa Malaysia closed marginally lower on Friday, due to profit-taking activities following the recent rally.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 0.25 per cent, losing 4.06 points to 1,619.06, compared to Thursday's close of 1,623.12.
The broader market remained negative as losers outnumbered gainers at 631 to 529 while 524 counters remained unchanged.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the FBMKLCI had continued its recovery since last Wednesday, breaking out from the U-shaped recovery pattern and surpassing the 1,620 resistance level yesterday.
"Despite a pullback following the rally, we view this correction as a healthy consolidation necessary to sustain the upward trend.
"The 20-day exponential moving average (EMA) trending upwards, along with the index distancing itself from all EMAs, suggests momentum that could drive the index towards the next resistance level of 1,632," he said.
Thong said a breakthrough above this level may indicate further upward movement.
"On the downside, immediate support levels now lie at 1,600–1,608. Consequently, we anticipate the benchmark index to trade within the range of 1,610–1,630 next week," he noted.
On the regional front, key indices finished mostly higher due to a growing confidence of a US interest rate cut.