KUALA LUMPUR: Bursa Malaysia was trending lower, ending a buying streak which had spurred hope that the key index could snap out of its consolidation phase.
As at 10am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was down 5.58 points or 0.35 per cent to 1,607.67 from the previous close of 1,613.25.
The broader market was also negative, with 451 decliners outpacing 287 gainers, while 400 counters remained unchanged.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said that while the index is still in a consolidation phase, there is optimism for continued stock accumulation, as the local market is trading at an attractive valuation of 14.5 times price-to-earnings ratio (PER) based on 2025 projections.
"As such, we expect the index to hover within the 1,615-1,625 range today," he said.