Share prices on Bursa Malaysia closed lower today prompted by losses sustained by selected heavyweights.
The market was also taking a breather ahead of the long holidays this weekend.
The FTSE Bursa Malaysia KLCI (FBM KLCI), which was traded between 1,777.62 points and 1,794.16, finished 23.69 points lower at 1,778.88 points.
On heavyweights, Maybank lost 18 sen to RM9.47, TNB eased 48 sen to RM11 and Sime Darby erased 8.0 sen to RM8.97 while CIMB gained 1.0 sen to RM6.91 and Axiata was unchanged at RM6.57.
HwangDBS Vickers Research said technically, the FBM KLCI, after plunging from a peak of 1,882.20 points to as low as 1,798.57 points, has now entered the mid-point of its historical correction range of between 2.0 per cent and 8.0 per
cent since September 2011.
"A short-term market bottom is in sight, whereby a 1,780-1,800 level remains our support range to cushion any further downside risks. For an ensuing market recovery to happen, the FBM KLCI must re-enter the resistance area of 1,825-1,840 before resuming its gradual uptrend thereafter," the research house said in a note today.
Among actives were Xidelang, which gained 1.0 sen to 31 sen, while Sumatec lost half-a-sen to 30 sen and Green Packet erased 4.5 sen to 45 sen.
Market breadth was negative as losers led gainers 793 to 116, while 213 counters were unchanged, 464 untraded and 16 others were suspended.
Volume was lower at 1.717 billion shares worth RM2.743 billion from 1.586 billion shares worth RM2.097 billion traded on Friday.
On the scoreboard, the Plantation Index dwindled to 120.48 points to 8,375.69 points, the Industrial Index was 29.83 points lower at 3,028.14 points and the Finance Index lost 177.71 points to 16,234.38 points.
The FBM Emas Index erased 175.41 points to 12,292.95 points, FBMT100 Index slid 166.16 points to 12,015.12 points, the FBM 70 dipped 211.98 points to 13,614.39 points and the FBM Ace declined 174.89 points to 5,763.62 points.
The Main Market volume increased to 1.425 billion units worth RM2.568 billion from Friday's 1.248 billion units worth RM1.995 billion.
Turnover on the ACE market fell to 227.741 million shares worth RM75.8 million from 297.97 million shares valued at RM91.698 million traded last week.
Warrants rose to 58.29 million units worth RM5.74 million from 32.549 million units worth RM3.552 million registered on Friday.
On sectoral basis, consumer products accounted for 169.59 million shares traded on the Main Market, industrial products 198.22 million, construction 61.69 million, trade and services 580.93 million, technology 85.63 million, infrastructure 34.8 million, SPAC 44.94 million, finance 91.45 million, hotels
1.03 million, properties 116.49 million, plantations 31.2 million, mining 64,100, REITs 9.02 million and closed/fund 53,000.-- Bernama