KUALA LUMPUR: Bursa Malaysia closed Wednesday's trading session in the red, mirroring the anxious short-term market sentiment amidst the uncertain global performance.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 7.82 points to 1,530.60 from Tuesday's close of 1,538.42. 

The benchmark index began the day 1.91 points lower at 1,536.51 and remained within a narrow range, fluctuating between 1,528.52 and 1,536.58 throughout the day.

On the broader market, losers led gainers 645 to 422, while 450 counters were unchanged.

Turnover declined to 3.75 billion units valued at RM3.10 billion from 3.83 billion units valued at RM3.04 billion on Tuesday.

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the FBM KLCI closed lower after a lackluster trading session. 

He reckoned that the short-term market sentiment would remain jittery amid the uncertain global performance. Thong said at the same time, investors are advised to stay alert for bargain hunting opportunities.

"We anticipate the benchmark index to trend sideways with an upside bias, within the range of 1,530-1,540 towards the weekend if no major change in KLCI," he told Business Times.

Meanwhile, Thong noted that key regional indices closed mixed ahead of the US economic data and Fed Chair Jerome Powell speech, which could influence the US Fed's decision on interest rates. 

He added that investors are hoping that Fed will kick off reductions to its main interest rate in June, with some considering a slight possibility of it starting at its meeting next week.

https://www.nst.com.my/business/corporate/2024/03/1031291/bursa-malaysia-closes-red-mirroring-anxious-short-term-market