KUALA LUMPUR: Bursa Malaysia closed lower yesterday in tandem with the weaker performance in most regional markets as investors were cautiously awaiting a slew of key economic data from several countries, says a dealer.
At 5pm, the FBM KLCI shed 0.37% or 5.36 points to 1,451.02 from last Friday’s close of 1,456.38.
The benchmark index opened 1.41 points weaker at 1,454.97 and moved between 1,448.17 and 1,457.02 throughout the trading session.
Market breadth was negative, with decliners beating gainers by 591 to 306, while 430 counters were unchanged, 995 untraded and 27 others suspended.
Turnover shrank to 3.16 billion units worth RM1.87bil from 3.23 billion units worth RM2.26bil last Friday.
Regionally, Hong Kong’s Hang Seng Index dropped 1.09% to 16,646.05, Singapore’s Straits Times Index slid 0.20% to 3,084.08, Shanghai Stock Exchange Composite Index fell 0.29% to 3,022.91, and Japan’s Nikkei 225 shed 0.60% to 33,231.27.
Rakuten Trade equity research vice-president Thong Pak Leng said investors are waiting for economic data from Japan, Thailand and the Philippines later this week.
“As for the local bourse, we reckon bargain hunting will prevail, buoyed by the consistent strong inflow of foreign funds, improving economic circumstances, and steady interest rate in the United States,” he told Bernama.
As such, Thong has anticipated the FBM KLCI to trend higher within the 1,445 points to 1,465 points range for the week, with immediate resistance at 1,465 points and support at 1,445 points.
Meanwhile, Apex Securities Bhd head of research Kenneth Leong expects the local market’s downward bias consolidation undertone to extend as uncertainty persists, while there was an absence of fresh leads.
“Meanwhile, investors will be keeping a close tab on both China and US services and composite data,” he said.
