KUALA LUMPUR: Bursa Malaysia extended its decline for a second consecutive day due to persistent profit-taking after the recent rally.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 3.41 points or 0.21 per cent to 1,629.46 compared with Thursday's close of 1,632.87.
The index opened 2.07 points higher at 1,634.94 and fluctuated between 1,626.04 and 1,636.08 during the day.
However, the broader market was positive, with gainers outpacing decliners 631 to 477, while 502 counters stayed unchanged.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said key regional markets also ended mixed due to varied reactions to Wall Street's overnight decline, as investors remained wary amid anticipation of Donald Trump's reentry into the White House.
As for the local burse, he noted that the FBM KLCI is trying to hold the 1,630 support level.
"We reckon if the benchmark index is able maintain above this line for a longer period, it might establish a base for further upward movements.
"As for next week, we expect the FBM KLCI to trend within the 1,625–1,645 range," he told Business Times.
Meanwhile, UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan said the FBM KLCI is projected to trade higher in the coming week, with the potential to surpass the resistance level of 1,645 while finding support at 1,615.
He noted that foreign investors are likely to reposition their portfolios towards emerging markets as they await clarity on economic developments under the Trump 2.0 administration, particularly its anticipated pro-business policies.