KUALA LUMPUR: Bursa Malaysia closed lower on Friday amid ongoing selling pressure, in line with regional markets.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined 0.54 per cent or 8.68 points to its intraday low of 1,591.41 from Thursday's close of 1,600.09.
The benchmark index opened slightly higher at 1,600.41 but soon moved up to an intraday high of 1,606.28 before declining throughout the day, closing at 1,591.41 in late trading.
On the broader market, decliners outnumbered gainers 541 to 464, while 498 counters were unchanged.
Turnover rose to 3.38 billion units valued at RM3.76 billion versus 3.20 billion units worth RM3.03 billion on Thursday.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the FBM KLCI remains in a consolidation phase, with cautious sentiment prevailing amid heightened global volatility.
"We reckon the benchmark index needs to break above the resistance at 1,620 maintaining that level to regain its bullish momentum. "As for next week, we believe the FBM KLCI will maintain its sideways pattern with an upward bias until new catalysts emerge.
"Additionally, we expect trading to be muted in conjunction of the Christmas followed by New Year holidays," he told Business Times.
Thong noted that the short-term outlook for the benchmark index remains cautious, reflecting subdued momentum and weak recovery signals, while a medium-term rebound will require a decisive move above the 50-day exponential moving average (EMA).
He said long-term prospects remain favorable as long as key support levels are maintained.