KUALA LUMPUR, March 20 — Bursa Malaysia continued its downtrend to close lower for the second consecutive day as the markets anxiously awaited the United States (US) Federal Open Market Committee (FOMC) decision later tonight.

The FTSE Bursa Malaysia KLCI (FBM KLCI) also remained in consolidation mode due to a correction following the recent prolonged rally.

At 5 pm, the FBM KLCI fell 9.17 points to 1,535.79 from yesterday’s close of 1,544.96.

The benchmark index, which opened 0.10 of-a-point firmer at 1,545.06, moved between 1,535.77 and 1,546 throughout the day.

On the broader market, decliners and gainers were even at 509 to 509, while 484 counters were unchanged, 791 untraded, and 11 others suspended.

Turnover slid to 3.82 billion units worth RM2.66 billion from 4.06 billion units worth RM3.09 billion yesterday.

Interpacific Asset Management chief economist and fund manager Datuk Dr Nazri Khan told Bernama that the FBM KLCI slipped to a physical level of 1,550 as the selling pressure escalated.

“The market is directionless and drifts longer until it gets clarification from the US Federal Reserve’s (Fed) policy meeting,” he said.

Meanwhile, Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said key regional indices finished mostly higher following positive cues from Wall Street overnight.

However, gains were capped as markets awaited further cues on the US interest rates following the conclusion of the FOMC meeting later tonight.

“On the local front, while the market anticipates a brief pause for the bulls after last week’s strong rally, the index has maintained its position above all Exponential Moving Averages (EMA).

“We view this as a healthy correction as it allows the market to digest the recent rally and provide a stronger base for a more sustainable uptrend,” he told Bernama.

Hence, Thong foresees the FBM KLCI trending within the 1,540-1,560 range for the rest of the week.

Among the heavyweights, Maybank shed eight sen to RM9.57, Public Bank eased four sen to RM4.24, CIMB trimmed 13 sen to RM6.48, Petronas Chemicals added two sen to RM6.83, and Tenaga Nasional was flat at RM11.50.

As for the actives, Top Glove gained 6.5 sen to 86 sen, both TWL and MMAG inched up half-a-sen to 3.5 sen and 15.5 sen, respectively, and Velesto Energy was flat at 29 sen. — Bernama