KUALA LUMPUR: Bursa Malaysia closed lower on Monday, reflecting the overall weakness in regional markets as global major indices largely showed negative trends.
The market was dampened by concerns over uncertainties surrounding Donald Trump's second presidency, China's slowing economy, the US interest rates and ongoing conflicts in Ukraine and the Middle East.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 3.99 points or 0.24 per cent to 1,625.47 compared with Friday's close of 1,629.46.
The index began the day 0.28 points higher at 1,629.74, fluctuating between 1,623.64 and 1,631.71 during the session.
On the broader market, losers outnumbered gainers 575 to 505, while 489 counters remained unchanged.
Among the FBM KLCI components, 21 counters recorded losses, while only six counters posted gains in today's trading.
Property developers led the gainers, whereas the oil and gas sector experienced significant losses.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said investor sentiment in key markets across regions is being impacted by fears that US interest rate cuts will be slower than anticipated.
He added that locally, the benchmark index failed to hold the 1,630-support level.
Hence, he expects the consolidation will continue until new catalyst emerges.
"We reckon the index must overcome the key resistance level of 1,615 with determination and maintain its upward trend to reclaim bullish momentum," he told Business Times.
Thong expects the FBM KLCI to trend within the range of 1,620-1,640 for the week.