KUALA LUMPUR (Feb 5): Malaysian shares may see further profit taking today following substantial gains yesterday, and after US shares and crude oil prices fell in overnight trade.

Yesterday, the FBM KLCI rose 22.35 points or 1.25% to close at 1,803.61. The index had earlier climbed to an intraday high of of 1,831.41 before profit taking pared gains.

Today, AllianceDBS Research Sdn Bhd analyst Teoh Chang Yeow expects investors to continue locking in gains in the KLCI following the index's rise yesterday.

"The analysis of overall market action on 4 Feb 2015 revealed that buying power was weaker than selling pressure. As such, FBMKLCI would likely trade below the 1,801.09 level on 5 Feb 2015" Teoh wrote in a note.

In the US, Reuters reported that the S&P 500 and Nasdaq ended lower on Wednesday, snapping a two-day rally as energy shares slid with oil prices and as investors' anxiety about the euro zone returned in the closing minutes of trading.

Oil prices crashed on Wednesday, with U.S. crude losing 9 percent in one of its biggest daily routs ever, as record high oil inventories in the United States cut short a four-day rally.

Benchmark Brent oil fell below the key US$55 a barrel mark, after soaring to a one-month high of US$59 just a day ago. U.S. crude broke below US$48, after Tuesday's peak above US$54.

In Malaysia, the Statistics Department will announce today the country's December 2014 and full-year external trade numbers.

The external trade numbers come ahead of Bank Negara Malaysia's announcement of the country's fourth quarter and full-year gross domestic product figures next Thursday (Feb 12).