KUALA LUMPUR: Bursa Malaysia ended the day mixed today as property, construction, and healthcare counters attracted buying interests, while plantation, banking, and telecommunication stocks saw profit-taking.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined 0.11 per cent or 1.70 points to 1,602.34 from Monday's close of 1,604.04.

The benchmark index, which opened 0.86 point lower at 1,603.18, hovered between 1,601.02 and 1,608.88 during the trading session.

The broader market however was positive, with gainers outnumbered losers 565 to 438 while 502 counters remained unchanged, 961 untraded, and 14 suspended.

Turnover narrowed to 2.83 billion units valued at RM2.08 billion versus 2.96 billion units valued at RM2.23 billion yesterday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said Bursa Malaysia ended the session mixed, as property, construction, and healthcare stocks attracted buyers, while plantation, banking, and telco stocks saw some profit taking activities.

He said the FBM KLCI closed flat despite regional key indices were mostly higher, led by gains in technology stocks. 

"Back home, the benchmark index remains range-bound and requires a decisive breakout above the 1,630 resistance level with prolonged stability to indicate a more positive trajectory," he said.

From a technical perspective, Thong said that the FBM KLCI is near oversold level and the moving average convergence/divergence (MACD) indicator is nearing a crossover with its signal line.

He said the potential crossover is often interpreted as an early indication that the ongoing bearish trend may be losing momentum, with a possible increase in buying interest. 

If confirmed, and supported by higher trading volume or a breakout above key resistance levels, it could signify a trend reversal and set the stage for upward price movements, he added.

"For now, we expect the FBM KLCI to maintain its sideways trend with an upside bias within the range of 1,600-1,630 for the remaining of the week," he added.

Thong said the People's Bank of China is set to announce its loan prime rate decision this week, with expectations of no changes following October's cut. 

This comes as recent stimulus measures from China have disappointed, with the economy showing limited recovery.

https://www.nst.com.my/business/corporate/2024/11/1136737/bursa-malaysia-ends-mixed-profit-taking-hits-heavyweights