KUALA LUMPUR: Bursa Malaysia closed marginally higher today as gains in plantation, and industrial products and services heavyweights were trimmed by profit-taking activities in healthcare counters.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 1.19 points, or 0.075 per cent, higher at 1,595.48 from Friday's close of 1,594.29.
The index opened 2.55 points better at 1,596.84 and hovered between 1,593.37 and 1,603.94 today.
On the broader market, losers outpaced gainers 549 to 497, while 490 counters were unchanged, 879 untraded and 15 suspended.
Turnover was reduced to 2.83 billion units valued at RM2.37 billion compared to 3.43 billion units valued at RM3.19 billion on Friday.
Malacca Securities Sdn Bhd said the gains in industrial products and services, as well as plantation heavyweights were offset by losses in healthcare heavyweights, namely IHH Healthcare, despite its strong prospects and robust earnings, which have spurred selling pressure in the sector.
Buying interest was noticed in industrial products and services after Press Metal Aluminium Holdings Bhd posted robust earnings, benefiting from the surge in aluminum prices, while healthcare declined the most by 1.2 per cent.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the local stock exchange closed flat after a volatile trading day but managed to finish in the green.
He said the FBM KLCI traded within a narrow range as investors remained cautious due to foreign selling, which prevented the benchmark index from sustaining the 1,600 mark despite several attempts.
Given the unexpected shift in local market sentiment, he recommends investors to maintain caution amid rising volatility.
"Investors should consider accumulating blue-chip stocks with strong fundamentals, particularly those that have experienced notable declines, as they now trade at attractive valuations.
"As such, we anticipate the FBM KLCI to remain in its sideways pattern, trading within the 1,590 to 1,610 range for the week," he added.
Thong said regional markets surged, led by China and Hong Kong, which recorded gains as China's November manufacturing data exceeded expectations, supported by recent aggressive stimulus measures.
In Japan, he said Bank of Japan governor Kazuo Ueda hinted at upcoming rate hikes as inflation aligns with forecasts.
Looking ahead, the US is set to release the Manufacturing PMI on Monday and the S&P Global Composite PMI on Wednesday.