KUALA LUMPUR: Bursa Malaysia ended the week on a slightly lower note as investors stayed on the sidelines after an eventful week.
Donald Trump's reelection as US President was followed by a 25 basis points rate cut by the US Federal Reserve.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 2.04 points or 0.13 per cent to close at 1,621.24 compared to Thursday's close of 1,623.28.
The benchmark index opened 4.34 points up at 1,627.62 and traded within a range of 1,621.24 to 1,627.62 for the rest of the day.
On the broader market, losers led gainers 653 to 338, while 490 counters were unchanged.
Turnover fell to 2.69 billion units valued at RM1.86 billion versus 3.77 billion units valued at RM3.41 billion on Thursday.
Rakuten Trade Sdn Bhd's equity research vice president Thong Pak Leng said he remains cautiously optimistic about local equities as Malaysia's economy is projected to gain further traction, supported by sustained consumer demand, a recovery in key sectors, and ongoing government initiatives aimed at boosting economic resilience.
He added that as the effects of structural reforms and supportive policies take hold, corporate earnings across various sectors are anticipated to continue strengthening.
"From a technical point of view, the benchmark index is on track to re-test the 1,630-resistance level.
"If this level is breached and sustained, we believe the index is positioned to advance further.
"Additionally, the moving average convergence/divergence (MACD) has recently crossed the signal line, indicating that the market is gaining momentum," he told Business Times.
Thong advised investors to remain cautious and adopt a wait-and-see approach while awaiting a confirmed breakout above 1,630.
In the near term, he expects stronger upward momentum and anticipate the FBM KLCI index to fluctuate within the 1,610-1,640 range next week.
He noted that next week's outlook hinges on whether there will be a breakout on the KLCI.