Bursa Malaysiaended the first trading day of the week broadly loweras investors stayed on the sidelines ahead of Bank Negara Malaysia's (BNM) interest rate decision later in the week .
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) was down 12.22 points, or 0.84%, at an intraday low of 1,437.52, from Friday's close of 1,449.74 and an intraday high of 1,449.50.
Overall market breadth was negative, with decliners outnumbering advancers by 468 to 297, while 388 counters were unchanged, 1,076 were untraded and nine others were suspended.
Total turnover rose to 1.74 billion units valued at RM1.08 billion from 1.49 billion units valued at RM1.15 billion last Friday.
The local bourse ended broadly lower today after a lackluster trading session, said Thong Pak Leng, vice president of equity research at Rakuten Trade Sdn Bhd.
“We remain cautious and believe near-term moves in the local market are still largely determined by regional volatility. Nonetheless, we believe accumulation in equities will continue on dips.
"We therefore expect the FBM KLCI to trade in a wider range between 1,430 and 1,460 this week, with immediate support at 1,430 and resistance at 1,465," he told Bernama.
Meanwhile, Maybank Investment Bank Bhd said today that it expects the overnight policy rate to increase by 100 basis points (bps) between the second half of 2022 (H2) and the first half of next year (1H 2023).
The bank expects BNM to announce a rate hike of 25 basis points at this week's monetary policy meeting, another 25 basis points in the fourth quarter of 2022 and another 50 basis points in the first half of 2023.
On the local bourse, heavyweight Petronas Chemicals rose four sen to RM9.12, CIMB was flat at RM5.03, Maybank fell two sen to RM8.60, Public Bank fell three sen to RM4.39 and IHH Medical lost five sen to RM6.43.
Among active stocks, Jade Marvel and Widad were unchanged at 91 sen and 36.5 sen respectively, Reach Energy edged down 0.5 sen to 5 sen, Top Glove fell 3.5 sen to 97.5 sen and Dagang NeXchange lost 1 sen to 78 sen
In the index sector, the FTSE Emas fell 89.84 points to 10,226.04, the FTSE Shariah fell 127.21 points to 10,353.77, the FTSE 70 fell 109.51 points to 12,294.03, the FTSE ACE fell 67.07 points to 4,717.45 and the FTSE 100 fell 8 points to 9,973.96.
On the sector front, the financial services index fell 17.0 points to 16,039.81, the industrial goods and services index fell 1.49 points to 180.20 and the plantation index fell 34.13 points to 6,890.59.
