KUALA LUMPUR: Bursa Malaysia closed lower, relinquishing some of the previous day's gains as the rally in glove stocks lost momentum.
By 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell by 0.22 per cent, dropping 3.69 points to 1,660.59, down from Tuesday's close of 1,664.28.
The broader market was downbeat, with losers outnumbering gainers 526 to 441, and 489 stocks remaining unchanged.
Tradeview Capital fund manager Neoh Jia Man said it likely reflects market jitters ahead of the U.S. Federal Reserve's interest rate decision tonight, with uncertainty surrounding the magnitude of the potential rate cut.
"Should the Fed cut by just 25 basis points, we expect a muted market reaction, as this aligns with consensus expectations.
"Investors are likely to seek fresh catalysts, such as Budget 2025, before any significant market momentum resumes," he told Business Times.