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Bursa Malaysia ends lower amid cautious investor sentiment

KUALA LUMPUR: Bursa Malaysia closed lower today as investors exercised caution and opted against significant market entries.   

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 13.93 points or 0.85 per cent, finishing at 1,618.30 after recovering from an intraday low of 1,617.60.

The benchmark index started the day 0.79 point stronger at 1,633.02.

On the broader market, there were 354 gainers, 657 losers and 576 counters traded unchanged. Turnover was at 2.474 billion shares valued at RM2.143 billion.

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said locally, sentiment remains subdued with trading volumes below average, as investors await new market catalysts.

However, he said the benchmark index is nearing oversold territory, suggesting a potential rebound in the near future.

"On a positive note, the benchmark index is approaching oversold levels, which signals a likely rebound soon.

"This trading pattern may extend into next week, with expectations of sideways movement and a slight upward trend within the 1,615 to 1,630 range," he told Business Times.

Thong noted that regional indices were mixed after Wall Street's indecisive performance.

He said China and Hong Kong advanced, boosted by the People's Bank of China's decision to hold its medium-term lending rate at two per cent and provide 700 billion yuan (US$98.3 billion) in medium-term loans.

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