Affin Investment Bank head of retail research Nazri Khan said the market was undergoing a temporary setback after the recent gains.
At 5pm, the underlying FTSE Bursa Malaysia (FBM KLCI) ended the day at 1,566.05, up 3.23 points, aided by bluechips which remained strong.
Nazri said the temporary easing would likely continue for one or two days as the market was in an overbought position.
“Bluechips remain strong and this clearly shows that fundamentals are intact.
“Most Asian indicies were down but on the local front, key indicies were steadier,” he said.
Nazri also said Moody’s downgrade of six countries in the euro zone and its warning to downgrade top-rated countries also affected investor sentiment globally.
The Finance Index earned 75.13 points to 13,902.7, the Industrial Index perked 5.63 points to 2,912.1 while the Plantation Index eased 43.69 points to 8,881.55.
The FBM Emas added 4.1 points to 10,882.63, the FBM Mid-70 gave up 51.62 points to 12,373.27 and the FBM Ace Index dwindled 41.87 points to 4,704.
Trading volume was lower at 2.546 billion shares, worth RM2.258 billion, compared with yesterday’s 2.661 billion shares worth RM2.119 billion.
Market breadth was bearish with 58l losers and 321 gainers, 288 unchanged, 290 untraded and 15 suspended.
Volume leaders, Hibiscus Petroleum perked 31 sen to RM1.82, British American Tobacco advanced 28 sen to RM51.78 and Fraser & Neave Holdings rose 24 sen to RM17.60.
Among heavyweights, Maybank added two sen to RM8.52, Sime Darby and Petronas Chemicals gained three sen each to RM9.64 and RM6.98, respectively, while CIMB rose 15 sen to RM7.31.
Volume on the main market fell to 1.753 billion shares, valued at RM2.138 billion, from 1.766 billion shares, worth RM1.959 billion, registered yesterday.
Turnover on the ACE Market slipped to 503.694 million units, worth RM71.210 million, from 568.432 million units, valued at RM105.312 million, recorded previously.
Warrants also eased to 284.233 million shares, valued at RM46.726 million, from 299.666 million shares, worth RM51.666 million, transacted yesterday.
Consumer products accounted for 128.153 million shares traded on the Main Market, industrial products 234.927 million, construction 64.464 million, trade and services 863.870 million, technology 76.592 million, infrastructure 28.576 million, finance 75.025 million, hotels 2.668 million, properties 167.687 million, plantations 24.872 million, mining 154,000, REITs 7.719 million and closed/fund 42,800.