KUALA LUMPUR: Bursa Malaysia ended Monday's trading session in the red, reflecting a broad market decline.  

Investors capitalised on recent gains, prompting a wave of profit-taking, while the sluggish performance across regional markets further weighed down investor sentiment. 

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell by 14.48 points or 0.89 per cent to 1,622.07, down from Friday's close of 1,636.55. 

The key index opened 0.57 points higher at 1,637.12, its highest for the day, and then dropped to an intraday low of 1,616.74 before the midday break. 

On the broader market, losers outnumbered gainers 1044 to 285, while 404 counters were unchanged. 

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng interprets today's selldown as a healthy correction, allowing the market to absorb the recent uptrend and presenting a favorable opportunity to accumulate stocks at lower levels.  

He said the benchmark index had experienced a notable decline over the past week, dropping from a high of 1,638.29 to 1,617.04.  

"Despite this short-term pullback, the index remains above key long-term moving averages, indicating that the broader trend remains upward.  

"Overall, the current outlook suggests caution in the short term but remains positive in the long term, provided key support levels hold," he told Business Times. 

Hence, Thong expects the FBM KLCI to fluctuate between 1,610 and 1,630 for the week due to the prevailing weak market sentiment.

https://www.nst.com.my/business/corporate/2024/07/1080102/bursa-malaysias-slips-after-recent-gains-analyst-deems-healthy