KUALA LUMPUR: Bursa Malaysia ended in negative territory as escalating tensions in the Middle East weighed down investors' sentiment.
The FTSE Bursa Malaysia KLCI (FBM KLCI) declined 11.58 points from Thursday's close, settling at 1,629.97.
The key index opened 3.06 points lower at 1,638.49. It moved between 1,625.35 and 1,639.29 throughout the day.
On the broader market, losers outnumbered gainers 610 to 410, with 514 counters unchanged, 874 untraded and 16 suspended. Turnover was 3.10 billion units valued at RM2.67 billion from Thursday's 3.29 billion units worth RM2.52 billion.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the FBM KLCI was in the red throughout the day as investor sentiment was weighed down by escalating tensions in the Middle East.
He said the trading volumes were below average, with caution prevailing across the local market as geopolitical risks kept buyers on the sidelines.
"The lack of significant buying momentum saw the index trend in a narrow range, reflecting the broader market's hesitation to take positions amid global uncertainties," he added.
Regionally, Thong said Hong Kong's Hang Seng continued its upward trend, supported by optimism surrounding China's ongoing stimulus measures.
However, most other emerging markets, including Malaysia, remained subdued, mirroring the cautious global mood.
"We remain cautious in our outlook for the local market, as sentiment has temporarily weakened.
However, with undemanding valuations and stable economic fundamentals, we expect the FBM KLCI to stay in consolidation mode and trade rangebound next week with an upside bias, awaiting bargain-hunting opportunities," he said.
Thong noted that if the index breaks above key resistance levels, particularly the 50-day EMA at around 1,650, it may see a more sustained upward movement.
He anticipates the benchmark index to trend within the range of 1,625 to 1,640, which represents the support and resistance levels.