KUALA LUMPUR: Bursa Malaysia witnessed choppy trading today as the key index alternated between positive and negative territory in the first hour trading.
The broader market was positive as gainers led loser 353 to 333 and 365 unchanged.
The index opened 4.93 points higher at 1,658.48.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the FBM KLCI finally cracked to almost the 1,650 mark as sellers emerged following a week of persistent stock accumulation, yesterday.
"We see this intermittent correction as healthy, allowing the market to digest recent buying activities."
"For today, we expect the index to hover within the 1,650 and 1,660 range as earnings from corporate Malaysia seems decent so far, especially from the big caps which may prompt an upward revision in the overall earnings growth for calendar year 2024," he said.
Meanwhile, Maybank Investment Bank (Maybank IB) expects the key index to remain choppy today as profit taking may intensify ahead of the weekend break.
"Investors will likely switch their attention to macro-economic indicators as the second-quarter 2024 earnings season is almost over."Technically, we expect the benchmark index to range between 1,645 and 1,665 today, with supports at 1,623 and 1,596," the research firm said.