KUALA LUMPUR: Bursa Malaysia opened slightly lower today, influenced by a subdued market as traders extended their Hari Raya break.

At 9.15 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 3.56 points to 1,549.95 from Tuesday's close of 1,553.51. 

The benchmark index opened 0.58 points higher at 1,554.09.

On the broader market, decliners led gainers 249 to 237, while 369 counters were unchanged. Turnover amounted to 365.68 million units worth RM201.25 million. 

"Today, we reckon some bargain hunting activities to emerge thus anticipate the index to hover within the 1,550-1,560 range," Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng told Business Times.

The FBM KLCI slid to below the 1,555 level on Tuesday after testing a year-to-date high. 

He believes that this could be attributed to the shortened trading days this week for Hari Raya festivities.

Meanwhile, Thong said Wall Street rebounded spurred by the lower-than-expected producer price index for March as traders turned buyers following the hot CPI data a day below. 

He noted that despite the flattish Dow Jones Industrial (DJI) Average, the Nasdaq jumped by 272 points to another record high led by bulk of the Magnificent 7 as the US 10-year yield edged to almost a five-month high at 5.584 per cent. 

"In Hong Kong, the HSI slipped slightly over China's deflation fears and the impact on the property sector as borrowing costs remain high amid the uncertainty over the rate cuts by the Federal Reserve," he said.

https://www.nst.com.my/business/corporate/2024/04/1037022/bursa-malaysia-opens-lower-traders-extend-hari-raya-break