KUALA LUMPUR: Bursa Malaysia closed lower today, breaking its three-day winning streak, mirroring the lackluster performance witnessed across the region.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined 8.68 points to 1,544.96 from Monday's close of 1,553.64.
The benchmark index started the day 2.05 points lower at 1,551.59 before reaching its peak of 1,552.10 during the mid-morning session.
On the broader market, gainers outnumbered decliners 511 to 502, while 484 counters were unchanged.
Turnover declined to 4.05 billion units worth RM3.09 billion from 4.24 billion units worth RM2.79 billion on Monday.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said key regional indices ended mostly lower in anticipation of potentially hawkish signals from the US Fed.
He added that investors are anticipating policy decisions from central bank officials in the US, Taiwan, Indonesia, Turkey, Russia, Brazil, and Mexico, among others, later in the week.
Meanwhile, he said the consensus among most economists is that most central banks will opt to keep rates unchanged.
"On the domestic front, despite the sell-off today, we believe investor sentiment will remain steady given the strong support from local institutions.
"Having said that, we prefer to stay prudent given the increasing market volatility and expect the benchmark index to stay in consolidation mode until more clarity emerges," he told Business Times.
As such, Thong said Rakuten Trade has maintained its weekly FBM KLCI target between 1,540-1,570.