KUALA LUMPUR: Bursa Malaysia shaved off some of its earlier losses at midday closing today, but overall, subdued sentiment prevailed due to profit-taking activities.
At 12.30pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 1.09 points, to 1,463.58, from Monday's close of 1,464.67.
The key index started the day with a slight 0.62-point decrease at 1,464.05 and fluctuated within the range of 1,458.66 to 1,465.55 throughout the entire session.
On the broader market, decliners outnumbered gainers 473 to 308, while 423 counters were unchanged.
Malacca Securities Research said the FBM KLCI ended on a positive note for the third session, rising more than two per cent from the last week's low.
"Also, we noticed the ringgit trend strengthened significantly from RM4.7925 per US dollar to RM4.6330 per US dollar as foreign investors scoop up the local equities."
"However, with the Wall Street ended slightly flattish following the run up by more than five to seven per cent across the three major benchmark indices, coupled with the rising 10-year US Treasury yield ahead of the Fed speech this week, overall market could be taking a breather on the back of profit taking activities," it said in its daily market review.
The firm added that although Wall Street ended slightly higher, profit taking activities could emerge and rallies across the board may take a breather.
"However, as we are heading into the reporting season month, we are still bullish on the oil and gas (O&G) sector, fuelled by a positive environment in the oil markets.
"Besides, we favour the construction, property, building material, utilities and consumer sectors," it noted.