KUALA LUMPUR: Bursa Malaysia fell into the red in early trade with selling across the board as markets digested news of Joe Biden's exit from the US-presidency.

At 9.30am, FTSE Bursa Malaysia KLCI was down 0.24 per cent or 3.93 points to 1,632.62 versus Friday's close of 1,636.55.

The index opened 0.03 per cent higher at 1,637.12.

The broader market saw losers led gainers 552 to 163 while 379 counters were unchanged. FBM100 dropped 0.17 per cent to 12,211.46 and FBM Emas was down 0.18 per cent to 12,636.28.

FBM Ace was up 0.12 per cent to 5,941.36. Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said trading on the local bourse is expected to stay positive despite the drag on Wall Street.

This will be supported by ongoing rotation by foreign funds which may spillover into the region.

"Thus, we expect the index to trend within the 1,630-1,640 range today," he said in a note.

Maybank Investment Banking Group Research noted the KLCI is poised for a cautious start due to Wall Street's slump on Friday.

"Biden's election exit as well as China's latest blueprint will also cause market volatility to increase." This week, many mega-cap tech companies in the US are releasing earnings reports, and this will be another key event to watch out for," it added.

https://www.nst.com.my/business/corporate/2024/07/1079855/bursa-malaysia-falls-red-following-bidens-bow-out