KUALA LUMPUR: Bursa Malaysia closed the week with a mixed performance today as selling pressure in mid-sized and small-cap stocks affected the broader market.
The main the FTSE Bursa Malaysia KLCI (FBM KLCI) index managed to post gains, closing 3.6 points higher at 5pm, to end at 1,516.58 points from Wednesday's close of 1,512.98.
The benchmark index started the day 3.63 points lower at 1,509.35 and fluctuated between 1,508.50 and 1,521.23 throughout the day.
Losers outnumbered gainers 654 to 308 on the broader market, while 444 counters were unchanged.
Turnover declined to 3.54 billion units valued at RM2.99 billion from 3.67 billion units worth RM2.86 billion on Wednesday.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the FBM KLCI reversed earlier gains due to late selling.
He said key regional indices also ended in positive territory as bargain hunting emerged following the recent sell-off.
"On the domestic front, the market undertone is still vigilant due to the increasing global volatility, nonetheless, the valuation of the FBM KLCI remains attractive, trading at calendar year 2024 (CY24) forward price-to-earnings ratio (PER) of 14.5 times against its five-year average of 17 times.
"The benchmark index has successfully maintained its position above the 1,500 mark since surpassed this resistance level last week.
"Additionally, the index has continued to trend upwards and moving away from all exponential moving average (EMA) lines. "We anticipate that the upward momentum will drive it towards the subsequent resistance level of 1,527 as the bulls regain their strength," he told Business Times.
Meanwhile, Thong said the immediate support level is at 1,500, followed by 1,477. As such, he anticipates the FBM KLCI to hover within the 1,508 to 1,527 range for next week.