KUALA LUMPUR: Bursa Malaysia lost momentum and ended the day lower, dampened by its regional peers, analysts said.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) edged lower by 0.13 per cent or 1.95 points to 1,446.07 from Tuesday's closing of 1,448.02.
The benchmark index opened 0.61 of-a-point firmer at 1,448.63 and moved between 1,445.61 and 1,450.42 throughout the trading session.
Market breadth was negative, with losers leading gainers by 588 to 354, while 426 counters were unchanged, 1,011 untraded and 85 others suspended.
Turnover narrowed to 3.28 billion units worth RM2.27 billion from 3.81 billion units valued at RM2.38 billion on Tuesday.
Tradeview Capital fund manager Neoh Jia Man said in addition to weak performance in regional markets, domestic sentiment was further weighed down by disappointing earnings from heavyweight telecom names and profit-taking on glove counters.
"Although the overall market breadth was negative, we believe that month-end window-dressing activities could potentially provide some support tomorrow," he told Business Times.
SPI Asset Management managing partner Stephen Innes said despite the ringgit trading significantly stronger and US yields being lower, the FBM KLCI experienced a slight decline on the day.
"We suspect that some stock investors are hesitant to embrace additional risks ahead of the release of key US economic data this week.
"Simultaneously, others interpret the global yield decrease as a foreboding signal of an impending recession. Both factors contribute to the sentiment that local investors are presently in a state of indecision," Innes said.