KUALA LUMPUR: Bursa Malaysia closed unchanged in a subdued market before the extended Chinese New Year weekend.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) was flat, slipping by only 0.08 points to 1,512.28 from Thursday's close of 1,512.36.
The benchmark index started the day 1.46 points above at 1,513.82 and fluctuated between 1,509.56 and 1,514.72 over the course of the day.
On the broader market, gainers outnumbered losers 530 to 313 on the broader market, while 445 counters were unchanged.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said Malaysian equities finished broadly higher on thin volume with buying mainly on Energy and property sectors.
He added that the FBM KLCI edged slightly lower dragged mainly by consumer and banks.
He said key regional indices also finished mixed with thin trading volume as investors unwind for Chinese New Year and other regional holidays.
"We expect the market to be quiet due to long holidays and fewer trading sessions, however, we believe the surge in crude oil price provides trading opportunity on energy stocks.
"Following a successful breakout from the 1,500 marks on Jan 24, the FBM KLCI has been consolidating within the range of 1,509 and 1,520.
"Despite this consolidation, the index has consistently held above all exponential moving averages, indicating a growing potential for an upward movement," he told Business Times.
Thong maintains the view that the benchmark index is presently in consolidation mode with a slight positive bias.
As such, he expects the FBM KLCI to hover within the 1,509-1,527 range in the next week, with immediate resistance at 1,527 and support at 1,500 followed by 1,477.
The market is closed on Monday (Feb 12) for the Chinese New Year public holiday.
