KUALA LUMPUR: Bursa Malaysia struggled to maintain its upward momentum throughout the day and closed slightly lower due to late selling pressure, despite a positive regional market performance.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell by 1.12 points or 0.07 per cent to 1,602.08 from yesterday's close of 1,603.20.
The index opened 1.37 points lower at 1,601.83 and fluctuated between 1,597.12 and 1,605.95 throughout the day.
On the broader market, losers outnumbered gainers 555 to 459, while 537 counters were unchanged.
Turnover increased to 3.32 billion units valued at RM2.53 billion.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the FBM KLCI has remained in a consolidation phase for the past three months, weighed down by the absence of fresh catalysts and persistent foreign outflows.
He added that key regional indices ended higher, bolstered by US inflation data that strengthened expectations of a Federal Reserve rate cut next week.
Nonetheless, he said the benchmark index is well supported around the 1,600 level.
"Despite the cautious sentiment across regional markets, we anticipate bargain hunting to persist, driven by the attractive valuations of local stocks and continued support from local institutional investors.
"Additionally, buying interest has shifted toward smaller-cap stocks," he told Business Times.
As such, Thong expects the FBM KLCI to remain in consolidation mode with a slight upward bias in the near term.
The index is likely to trend within the 1,600 to 1,610 range heading into the weekend, he said.