KUALA LUMPUR: Bursa Malaysia opened lower today, despite a recent rally in the U.S. market overnight, analysts said.
The Santa Claus rally came early on Wall Street as stocks closed largely higher with the personal consumption expenditure (PCE) index remaining unchanged for October suggesting that inflation is easing in the US.
At 9.06 am, the FTSE Bursa Malaysia KCI (FBM KLCI) fell 2.24 points to 1,450.50 from Thursday's close of 1,452.74.
The benchmark index opened 0.74 of-a-point lower at 1,452.0.
The market breadth was negative, with decliners leading gainers by 178 to 132, while 234 counters were unchanged, 1,778 untraded and 27 others suspended.
Turnover stood at 177.45 million units worth RM80.73 million.
Tradeview Capital fund manager Neoh Jia Man said the FBM KLCI started trading with minimal fluctuations as this may be attributed to a potential reversal of window-dressing activities that likely occurred yesterday.
"Although we maintain a positive outlook on the local market, today's market direction will be significantly influenced by the release of PMI readings from several key Asian economies," he told Business Times.
Rakuten Trade head of research Kenny Yee said nonetheless, sentiment remains jittery after the latest PMI manufacturing index from China reported slower activities than expected for October.
On the local front, the FBM KLCI staged a late uptrend to end positively at above the 1,450 mark yesterday.
"Notwithstanding the recent market downtrend, we noticed foreign fund flows remain positive, indicating that the local bourse is in a solid position for a stronger performance in December. "
"As the cut in rates becomes louder in the US, we believe foreign funds will continue to snap up regional stocks thus expect the index to trend between the 1,450-1,460 range today," he added.
https://www.nst.com.my/business/corporate/2023/12/985151/bursa-malaysia-opens-lower-pmi-readings-key-asian-economies-be
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