KUALA LUMPUR, Aug 7 — Bursa Malaysia shook off early losses to close mixed today, with the benchmark index ending little changed on cautious market sentiment as key economic data from the United States and China due later this week weighed on investors’ risk appetite.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) added 0.60 of-a-point to 1,445.81 from 1,445.21 at Friday’s close.
The barometer index opened 0.32 of-a-point easier at 1,444.89 and moved between 1,442.13 and 1,449.38 throughout the day.
However, the broader market was weaker with losers outpacing gainers 482 to 330, while 457 counters were unchanged, 1,005 untraded and 26 others suspended.
Turnover increased to 3.13 billion units worth RM1.34 billion from 2.68 billion units valued at RM1.42 billion last Friday.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the barometer index went through a roller coaster trading session today but managed to end in positive territory, albeit marginally higher.
"Sentiments may be cautious in view of external factors, however, we believe the FBM KLCI would remain steady due to persistent support from local institutions and the return of foreign funds,” he told Bernama.
Thong said the Brent crude oil continued its upward trajectory to US$86 per barrel, attributed to Saudi Arabia and Russia's pledge to implement output cuts, which would provide an opportunity for short-term play in the oil and gas stocks.
"We foresee the FBM KLCI to trend higher within the 1,440-1,460 range for the week, with immediate resistance at 1,460 and support at 1,440.”
Regionally, he said the key indices trended mixed as investors were cautious ahead of China’s inflation figures and trade balance later this week.
Meanwhile, the United States Labour Department's data indicated that the workforce in the country saw an expansion of 187,000 jobs in July compared with the revised June figures of 185,000 jobs.
This outcome has fuelled speculation that the Federal Reserve might decide to keep interest rates steady in next month’s policy meeting, he said.
The US inflation data is due out on Thursday, while China’s data will be released on Wednesday.
Heavyweights, Maybank and Public Bank added one sen each to RM8.92 and RM4.13 respectively, CIMB gained two sen to RM5.52, while Petronas Chemicals was flat at RM6.85.
Tenaga shed four sen to RM9.56 while IHH Healthcare lost eight sen to RM5.93.
Of the actives, Sapura Energy and Widad Group inched up half-a-sen each to five sen and 43.5 sen respectively, Classita trimmed 2.5 sen to 13.5 sen, Advance Synergy added one sen to 17.5 sen, while MST Golf perked five sen to 64.5 sen. — Bernama