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Bursa Malaysia closes lower on continued profit-taking

Publish date: Thu, 22 Feb 2024, 07:21 PM

KUALA LUMPUR: Bursa Malaysia ended with a slight dip despite better local and regional markets, as profit-taking continued. 

At 5pm, FTSE Bursa Malaysia KLCI (FBM KLCI) fell 6.91 points to 1,545.49 from Wednesday's close of 1,552.40. 

The benchmark index started the day 1.69 points down at 1,550.71, reaching its lowest point of 1,542.72 during the late session and peaking at 1,551.97 in early morning trading. 

On the broader market, gainers surpassed losers 571 to 462, while 494 counters were unchanged. 

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the market closed lower today as profit-taking activities continued following the recent rally.  

He added that key regional indices trended largely higher, thanks to the persistent inflow of global funds.  

"As for the local bourse, we remain confident in the local market undertone given the continuous inflow of foreign funds.  

"We view profit-taking positively, considering it a signal that enables the market to smoothly digest the effects of the recent uptrend," he told Business Times. 

Thong anticipates the benchmark index to stay in consolidation mode for the time being and trend within the range of 1,540-1,550 towards the weekend, with immediate resistance at 1,570 and support at 1,530.

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