KUALA LUMPUR: Bursa Malaysia ended the week on a softer note, tracking the weaker performance of regional markets.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 5.05 points or 0.31 per cent to 1,609.15 from Thursday’s close of 1,614.20.
The benchmark index opened 4.31 points lower at 1,609.89 and moved between 1,607.66 and 1,615.10 throughout the trading session.
On the broader market, losers led gaineres 563 to 470 gainers, while 510 counters were unchanged, 1,066 untraded and 101 suspended.
Turnover improved to 3.55 billion units worth RM2.68 billion compared with 3.46 billion units worth RM2.62 billion on Thursday.
IPPFA Sdn Bhd director and country economist Mohd Sedek Jantan said the FBM KLCI traded lower today, closing slightly in negative territory, mirroring most Asian markets which ended the Halloween session mixed but mostly in the red.
He said investor sentiment was further dampened by remarks from Federal Reserve chair Jerome Powell, who downplayed the likelihood of another rate cut in December, a move that markets had previously priced in.
However, he said the sentiment could shift following the release of the Fed’s meeting minutes on 18 November.
“From a market outlook perspective, we expect the FBM KLCI to remain relatively stable next week, moving within a narrow range around the 1,605 level as investors await fresh catalysts.
“While a temporary dip below the 1,600 mark cannot be ruled out, such a move would likely stem from external factors rather than domestic weakness.
“Should this occur, we view it as a potential bargain-buying opportunity for investors, given Malaysia’s resilient macroeconomic fundamentals and improving forward indicators,” he added.
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