Bursa Malaysia ended marginally lower on Monday as a lack of fresh catalysts kept buyers on the sidelines. The FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.60 points, or 0.09 per cent, to 1,670.02 at 5pm, down from Friday's close of 1,671.62, according to Bernama.
The benchmark index opened 0.93 of-a-point higher at 1,672.55 and moved between 1,668.61 and 1,674.11 through the session - a narrow band that summed up the day's cautious mood after last week's slide to 1,676.
Breadth negative, turnover thins
Market breadth stayed negative, with losers beating gainers 748 to 388. Another 517 counters were unchanged, 1,271 untraded and 91 suspended, the Malay Mail reported.
Turnover thinned to 3.11 billion units worth RM2.40 billion, down from 4.07 billion units valued at RM2.69 billion on Friday. Main Market volume fell to 1.69 billion units worth RM2.05 billion.
Heavyweights mixed as banks diverge
Among the heavyweights, Maybank eased six sen to RM10.16 and Public Bank slipped one sen to RM4.79, while CIMB added nine sen to RM7.99. Tenaga Nasional firmed two sen to RM13.16 and IHH Healthcare gained two sen to RM8.01.
Hong Leong Bank led the gainers, up 22 sen to RM23.36, followed by Hong Leong Financial, 18 sen higher at RM18.90. At the other end, Malaysian Pacific Industries sank RM1.98 to RM42.20, United Plantations lost 98 sen to RM31.60, and Fraser & Neave erased 78 sen to RM22.22.
Sector-wise, financial services climbed 47.89 points to 19,598.38, but plantations slumped 116.38 points to 9,218.49, Free Malaysia Today reported.
Analysts see selective buying in 1,660-1,690 range
Rakuten Trade vice-president of equity research Thong Pak Leng maintained a cautious view, saying persistent external headwinds and foreign selling could cap near-term upside. But he added that the recent correction has left selected blue chips at more attractive valuations, which could draw bargain hunting on further weakness.
The house expects the KLCI to trend within the 1,660-1,690 range this week. KLCI futures closed mostly higher - October added 6 points to 1,661.0 - while upcoming US economic data could shift expectations for Federal Reserve policy, Bernama reported.