KUALA LUMPUR: Bursa Malaysia closed lower on Monday evening, dragged down by heavyweights like Tenaga Nasional Bhd and Malayan Banking Bhd.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined by 0.48 per cent, losing 7.83 points to 1,610.47 compared to its last close of 1,618.30.
The broader market was in the red, with losers outnumbering gainers by 782 to 293, while 485 counters stayed unchanged.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said while market sentiment remains cautious, bargain hunting is expected to persist due to the appealing valuations of local stocks and ongoing institutional backing.
"However, without indications of a breakout, we anticipate the benchmark index will move sideways with a slight upward bias, trending between 1,610-1,630 for the week," he said.
Malacca Securities Sdn Bhd said the market is approaching trading with caution ahead of the US presidential election next week, along with the International Monetary Fund reducing its global growth forecast.
The has contributed to the negative sentiment surrounding the local bourse, it added.