KUALA LUMPUR: Bursa Malaysia closed marginally lower due to profit taking activities following the recent rally.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 5.24 points to 1,511.224 from Friday's close of 1516.58.
Key regional indices ended mostly lower after a better than expected US job report ruled out any prospects for an immediate interest rate cue by the Fed.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the US Federal Reserve Chair, Jerome Powell, highlighted that the central bank is poised to implement rate cuts at a much slower rate than what the market foresees.
"On the domestic front, we viewed the profit takings positively as it allows the market to digest the recent rally.
"We anticipate the benchmark index to stay in consolidation mode for the time being and trend within the range between 1,508-1,527 for the week with immediate resistance at 1,527 and support at 1,500," said Thong.
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