KUALA LUMPUR: Bursa Malaysia opened with mixed results today as the broader market experienced more decliners than gainers.

The FTSE Bursa Malaysia KLCI (FBM KLCI) started 0.16 per cent higher, or 2.62 points, at 1,608.75.

At 10:02 am, the index had decreased by 0.08 per cent, dropping 1.28 points to 1,604.85 from Tuesday's close of 1,606.13.

The broader market was negative, with 787 losers surpassing 206 gainers, and 378 counters remaining unchanged.

Tradeview Capital Sdn Bhd vice president Tan Cheng Wen attributed the decline to foreign investors engaging in profit-taking, resulting in a week-to-date outflow of RM80 million, particularly affecting YTL Power International Bhd and YTL Corporation Bhd, which had previously shown strong market performance.

"The broader decline may also have been compounded by the continued uncertainty on the US Fed's next moves and mixed data coming out of China," he told Business Times.

According to Rakuten Trade Sdn Bhd, the daily trading volume remains solid at around 6 billion shares, indicating that trading activity on the local bourse is still robust.

"For today, we expect the benchmark index to trend higher hence anticipate the index to hover between the 1,605-1,615 range as Wall Street will be closed for trading today," it said.

On the regional front, Wall Street closed on a positive note last night, with both the Nasdaq and S&P 500 hitting new record highs once more.

"This was driven by weaker-than-expected retail sales, raising hopes for potential lower interest rates," it said.

The firm noted that the Nasdaq increased by 5 points, while the Dow Jones Industrial Average (DJIA) rose by 57 points.

Additionally, the US 10-year yield slightly decreased to 4.21 per cent.

In Hong Kong, the Hang Seng Index (HSI) weakened marginally as sentiment turned cautious.

Rakuten Trade said that many investors are awaiting new stimulus measures to address China's recent sluggish economic data amidst the latest trade tensions with the European Union.

https://www.nst.com.my/business/corporate/2024/06/1065428/bursa-malaysia-opens-mixed-trending-lower-profit-taking-foreign