KUALA LUMPUR: Bursa Malaysia closed mixed following a lacklustre trading session although buying interests are seen in the property and tech sectors, said analysts.
Key regional indices trended mixed following mixed cue from Wall Street overnight.
Following a mixed set of data regarding inflation and the U.S. economy, US Treasury yields stayed relatively unchanged.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 2.47 points or 0.16 per cent to 1,551.04 from Tuesday's close of 1,553.51.
The benchmark index opened 0.58 of a point higher at 1,554.09, and fluctuated between 1,548.27 and 1,556.64 throughout the trading session.
On the broader market, gainers led decliners 580 to 515, with 470 counters unchanged, 778 untraded and 11 others suspended.
Turnover rose to 3.88 billion units worth RM3 billion compared with 3.46 billion units valued at RM2.06 billion on Tuesday.
Malacca Securities Bhd head of research Loui Low said FBM KLCI was down a little but not really damaging to the overall trend as the market was focusing on small caps and lower liners.
"Overall sentiment was good after the raya break. We believe the market is buying into technology stocks and property sectors in tandem with the rebound in nasdaq and inflationary pressure positioned the traders to look into hard assets like precious metals, commodities and properties.
"Still we believe the market will continue to look at commodities, technology and infrastructure play which is related to construction, property and building materials," he told Business Times.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the FBM KLCI trended in a tight range as investors exercised caution amid the volatile sentiment across the region.
"We believe the outlook of Malaysian equities to remain stable next week, supported by their strong fundamentals and cheap valuations, hence, we reckon bargain hunting will emerge," he said.
On the global front, he said the primary question gripping Wall Street and global equities has been when or if the US Federal Reserve will enact the interest rate cuts that traders eagerly await.
The benchmark index surged to a new 52-week high on Monday, closing at 1,555.98.
"Although there was a pullback after the rally, we interpret this correction as a healthy consolidation necessary to sustain the upward trend.
"While we foresee a temporary pause for the bulls after Monday's robust rally, the index's position above all EMAs, along with improving EMAs, suggests ongoing consolidation with a positive bias,"he added.
As such, Thong anticipates the index will hover within the 1,538 – 1,570 range for next week, with immediate support at 1,534, followed by 1,520.
A notable subsequent resistance level stands at 1,570, and a breakthrough above this level could signal further upward momentum, he added.