KUALA LUMPUR: Bursa Malaysia ended the first day of trading in new year slightly weaker on lack of buying interest amid subdued regional market performance.
At 5pm today, the FTSE Bursa Malaysia KLCI (FBM KLCI) closed 0.10 per cent or 1.56 points lower at 1,453.10, from the previous close of 1,454.66 on Friday.
The benchmark index opened weaker at 1,452.20, starting the day 2.46 points down, and fluctuated between 1,446.36 and 1,453.56 throughout the session.
In the broader market, gainers outnumbered decliners with 512 to 463, while 399 counters remained unchanged, 854 were untraded, and 22 were suspended.
Turnover increased to 4.91 billion units valued at RM2 billion, up from 4.67 billion units worth RM2.96 billion on Friday.
Rakuten Trade equity research vice president Thong Pak Leng said the major regional indices concluded predominantly lower, influenced by the negative signal from Wall Street last Friday
"Simultaneously, increasing tensions in the Middle East, marked by Iran deploying a warship in the Red Sea, have had an impact on investor sentiment.
"Meanwhile, the market's spotlight now centres on a barrage of data scheduled for this week, aiming to offer a clearer picture of the available space for major central banks across the globe to implement monetary policy easing and the potential timing of impending rate cuts," he added.
Thong also said that today's selling activity presents a favourable opportunity for bargain hunting, emphasising that the valuations of local equities, especially in the realm of blue-chip stocks, remain appealing for the current state.
"Consequently, we expect the benchmark index to stage a rebound anytime soon and anticipate it to hover within the 1,450-1,470 range for the week.
"From a technical standpoint, we identify immediate support at 1,450 followed by 1,440 and resistance at 1,465," Thong added.
In the broader market, the utilities sector took the lead with a 2.80 per cent increase, attributed to buying support for YTL Corp Bhd (+3.0 sen) and YTL Power International Bhd (+3.0 sen).
Conversely, the plantation sector experienced a 0.57 per cent decline due to selling pressure in Sime Plantation Bhd (-9.0 sen) and Kuala Lumpur Kepong Bhd (-16.0 sen).