Going forward, Apex Securities Bhd head of research Kenneth Leong reckoned the downtrend may linger amid the lack of fresh leads, while any recovery will be tempered by quick selling pressure.
“Amid the volatile market condition, we advocate investors to remain defensive with a focus towards gold-related stocks,” he told Bernama.
Technically, he said the FBM KLCI is resting at the near-term support of 1,438.
“Should the aforementioned level fail to hold, a further pullback may send the key index towards the next support at 1,424. Resistance levels are at 1,446, followed by 1,464,” he said.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined 2.92 points to 1,438.12 from Friday’s closing of 1,441.04.
The index opened 0.69 of-a-point higher at 1,441.73 and moved between 1,435.05 and 1,443.86 during the session.
The key index managed to recoup earlier losses during the mid-afternoon session on mild bargain-hunting, but it only lasted 40 minutes.
On the broader market, decliners beat gainers 743 to 195, while 384 counters were unchanged, 1,035 untraded and nine suspended.
Turnover decreased to 3.38 billion units worth RM2 billion from 3.51 billion units worth RM1.9 billion on Thursday.
Regionally, Singapore’s Straits Times Index eased 0.64% to 3,057.14, Japan’s Nikkei 225 slid 0.83% to 30,999.55, Hong Kong’s Hang Seng Index trimmed 0.72% to 17,172.13, while South Korea’s Kospi dipped 0.76% to 2,357.02.
Bursa heavyweights Maybank was flat at RM8.99, Public Bank added two sen to RM4.16, CIMB rose four sen to RM5.66, Tenaga Nasional went up three sen to RM9.85, while Petronas Chemicals shed 13 sen to RM7.07.
Of the actives, Ta Win and Sarawak Consolidated slipped 0.5 sen to 3.5 sen and 52.5 sen respectively, Widad lost two sen to 53.5 sen, while Hong Seng edged up 0.5 sen to five sen and Systech gained one sen to 59.5 sen.
On the index board, the FBM Emas Index was 42.63 points lower at 10,577.81, the FBMT 100 Index declined 36.53 points to 10,261.45 and the FBM Emas Shariah Index dropped 62.78 points to 10,797.17.
The FBM 70 Index slid 118.07 points to 13,854.81 and the FBM ACE Index fell 104.99 points to 5,024.70.
Sector-wise, the industrial products and services index weakened by 2.14 points to 170.25, the plantation index lost 36.36 points to 6,873.61, and the energy index eased 13.14 points to 867.94.
However, the financial services index gained 13.49 points to 16,203.82.
The Main Market volume was higher at 2.33 billion units worth RM1.72 billion compared with 1.88 billion units worth RM1.59 billion on Friday.
Warrants turnover narrowed to 195.82 million units valued at RM13.72 million against 332.32 million units valued at RM38.82 million last week.
The ACE Market volume decreased to 830.05 million shares worth RM259.45 million from 1.29 billion shares worth RM274.58 million previously.
Consumer products and services counters accounted for 309.34 million shares traded on the Main Market, industrial products and services (556.05 million); construction (225.69 million); technology (319.91 million); SPAC (nil); financial services (74.41 million); property (339.5 million); plantation (25.23 million); REITs (14.09 million), closed/fund (63,900); energy (232.82 million); healthcare (55.19 million); telecommunications and media (25.07 million); transportation and logistics (76 million); and utilities (85.22 million).