KUALA LUMPUR: Bursa Malaysia closed in the red in tandem with the weak regional performance.
At 5pm, FTSE Bursa Malaysia (FBM) KLCI dropped 0.37 per cent or 5.36 points to 1,451.02 versus Friday's closing of 1,456.38.
The index board was also a sea of red as FBM100 dropped 0.39 per cent or 40.61 points to 10,354.17, FBM Emas lost 0.39 per cent or 42.23 points to 10,683.42 and FBM Ace was down by 0.34 per cent or 17.31 points to 5,115.85.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said bargain hunting will prevail buoyed by the consistent strong inflow of foreign funds, improving economic circumstances and steady interest rate in the US.
"As such, we anticipate the FBM KLCI to trend higher within the range of 1,445-1,465 for the week, with immediate resistance at 1,465 support at 1,445," he added.
Meanwhile, he noted key regional indices closed mostly lower as investors are cautiously awaiting a slew of key economic data for several nations in Asia, including Japan, Thailand and the Philippines later this week.
"On a positive note, US Fed Chair Jerome Powell surprised the markets with a less hawkish tone than predicted last Friday.
"This has fueled speculation that the central bank has completed its interest rate hikes and could potentially cut rates as early as March 2024," he added.