The FTSE Bursa Malaysia KLCI (FBM KLCI) also remained in consolidation mode due to a correction following the recent prolonged rally.
Interpacific Asset Management chief economist and fund manager Nazri Khan said that the FBM KLCI slipped to a physical level of 1,550 as the selling pressure escalated.
“The market is directionless and drifts longer until it gets clarification from the US Federal Reserve’s (Fed) policy meeting,” he said.
Meanwhile, Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said key regional indices finished mostly higher following positive cues from Wall Street overnight.
However, gains were capped as markets awaited further cues on the US interest rates following the conclusion of the FOMC meeting later tonight.
“On the local front, while the market anticipates a brief pause for the bulls after last week’s strong rally, the index has maintained its position above all Exponential Moving Averages (EMA).
“We view this as a healthy correction as it allows the market to digest the recent rally and provide a stronger base for a more sustainable uptrend,” he told Bernama.
Therefore, Thong said he foresees the FBM KLCI trending within the 1,540-1,560 range for the rest of the week.
At 5pm, the FBM KLCI fell 9.17 points to 1,535.79 from yesterday’s close of 1,544.96.
The benchmark index, which opened 0.10 of-a-point firmer at 1,545.06, moved between 1,535.77 and 1,546 throughout the day.
On the broader market, decliners and gainers were even at 509 to 509, while 484 counters were unchanged, 791 untraded, and 11 others suspended.
Turnover slid to 3.82 billion units worth RM2.66 billion from 4.06 billion units worth RM3.09 billion yesterday.
Among the heavyweights, Maybank shed 8 sen to RM9.57, Public Bank eased 4 sen to RM4.24, CIMB trimmed 13 sen to RM6.48, Petronas Chemicals added 2 sen to RM6.83, and Tenaga Nasional was flat at RM11.50.
As for the actives, Top Glove gained 6.5 sen to 86 sen, both TWL and MMAG inched up 0.5 sen to 3.5 sen and 15.5 sen, respectively, and Velesto Energy was flat at 29 sen.
On the index board, the FBM Emas Index fell 33.59 points to 11,484.96 and the FBMT 100 Index was 39.39 points lower to 11,138.88.
The FBM Emas Shariah Index gained 24.76 points to 11,562.02, the FBM 70 Index increased by 55.78 points to 15,806.15, and the FBM ACE Index jumped 21.92 points to 4,773.01.
Sector-wise, the plantation index climbed 15.97 points to 7,294.73 and the energy index rose 11.26 points to 936.67.
However, the industrial products and services index eased 0.11 of-a-point to 177.24 and the financial services index dipped 157.2 points to 17,124.18.
The Main Market volume declined to 2.07 billion units valued at RM2.3 billion from 2.5 billion units valued at RM2.77 billion yesterday.
Warrants turnover expanded to 864.16 million units worth RM117.07 million from 805.77 million units worth RM104.88 million yesterday.
The ACE Market volume swelled to 846.93 million shares worth RM240.19 million from 744.37 million shares worth RM205.36 million previously.
Consumer products and services counters accounted for 217.17 million shares traded on the Main Market, industrial products and services (372.58 million); construction (214.95 million); technology (215.88 million); SPAC (nil); financial services (84.3 million); property (388.78 million); plantation (36.69 million); REITs (15.12 million), closed/fund (9,000); energy (198.48 million); healthcare (146.92 million); telecommunications and media (48.22 million); transportation and logistics (76.02 million); and utilities (56.01 million).