KUALA LUMPUR: Bursa Malaysia closed lower today due to profit taking activities.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 1.30 points to end at 1,463.37 from Monday's closing of 1,464.67.
The benchmark index opened 0.62 of-a-point easier at 1,464.05 and moved between 1,458.66 and 1,465.55 throughout the trading session.
Rakuten Trade equity research vice-president Thong Pak Leng said key regional indices trended in similar direction due to the same reason amid the rising geopolitical tension in the middle east as Gaza death toll surpasses 10,000 according to the Palestinian health officials.
On the local front, Thong said the trend for Malaysian equities will remain positive, driven by improving regional sentiment and substantial support from foreign investors.
"Despite profit-taking activities today, we view it as a healthy sign, as it allows the market to absorb the recent uptrend.
"Consequently, we expect the FBM KLCI to trend higher within the range of 1,460-1,480 for the rest of the week, with immediate resistance at 1,465 and support at 1,430," he told the Business Times today.
Among heavyweights, Malayan Bnaking Bhd and IHH Healthcare Bhd increased four sen each to RM9.15 and RM6.05, respectively, CIMB Group Holdings Bhd was flat at RM5.81, Public Bank Bhd eased one sen to RM4.24, Petronas Chemicals Group Bhd shed six sen to RM7.28, and Tenaga Nasional Bhd declined five sen to RM9.95.
Of the actives, Top Glove Corp Bhd rose two sen to 78 sen, Dagang NeXchange Bhd rose 1.5 sen to 45.5 sen, both Widad Group Bhd and Sarawak Consolidated Bhd were flat at 45 sen and 57.5 sen, respectively, and Kanger International Bhd slipped 2.5 sen to 9.5 sen.
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