KUALA LUMPUR: Bursa Malaysia concluded the day in negative territory as data out of China didnt help to allay fears for a prolonged slowdown.
The FTSE Bursa Malaysia KLCI (FBM KLCI) closed 2.66 points lower at 1,491.21, compared to Tuesday's 1,493.87.
The index opened at 1,491.89, fluctuating between 1,487.52 and 1,494.32 throughout the trading session.
Decliners outnumbered gainers at 832 to 265, with 385 counters unchanged, 761 untraded, and 18 others suspended.
Turnover decreased to 5.23 billion units valued at RM3.17 billion from Tuesday's 5.84 billion units worth RM3.59 billion.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng mentioned that China's 2023 GDP of 5.2 per cent, while slightly below economists' anticipated 5.3 per cent, remains in line with Beijing's growth target of approximately 5 per cent.
"Simultaneously, sentiment in the market is under pressure due to geopolitical worries, with investors staying vigilant about developments in the Red Sea and Gaza.
"Key regional indices closed lower following the negative cue from Wall Street overnight due to lacklustre corporate earnings.
"In the meantime, US Fed Governor Christopher Waller emphasised a cautious approach, stating that there is no urgency to lower interest rates unless a sustained reduction in inflation becomes evident," he added.
Thong stated that domestically, they see the recent market sell-off as a chance for investors to engage in bargain hunting activities.
Consequently, anticipating a rebound in the benchmark index in the near future.
"As such we anticipate the FBM KLCI to trend within the range of 1,490-1,510 for the rest of the week," said Thong.