Bursa Malaysia in red as investors avoid any big moves

KUALA LUMPUR: Bursa Malaysia closed in the red on Monday due to technology sell-off on Wall Street last Friday that made investors reluctant to make any significant moves. 

At 5pm, FTSE Bursa Malaysia KLCI dropped 0.04 per cent or 0.71 points to 1,589.66 from Friday's close of 1,590.37. 

The key index moved in a tight range between 1,582.78 and 1,594.09 throughout the trading session today, 

The broader market was negative with losers leading gainers 914 to 302 while 447 counters were unchanged. 

On the index board, FBM 100 lost 0.38 per cent to 11,771.62, FBM Emas dropped 0.41 per cent to 12,194.04 and FBM Ace tumbled 1.3 per cent to 5,714.01. 

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the firm remains cautiously optimistic about the local equity market, driven by enticing valuations and increasing trading volume. 

However, uncertainties and increasing global volatility will also significantly influence the market's direction. 

"Hence, we expect the benchmark index to maintain its sideways pattern with an upward bias for the week.

" If the benchmark index breaks through the 1,600 resistance and holds it for an extended period, we foresee further upward potential. We anticipate the FBM KLCI to trend within the range of 1,590-1,610 for the week," he said in a note. 

Meanwhile, key regional indices finished mixed, with focus on this week's key US inflation data for clues on interest rates.

Most Popular
Related Article
Says Stories