KUALA LUMPUR: Bursa Malaysia was a sea of red as the benchmark index fell below one per cent in the first hour of trading, reflecting the mixed sentiment in global stock markets ahead of US inflation data.

By 9.38am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was down 16.35 points to 1,644 from yesterday's close of 1,660.35.

The benchmark index opened 6.78 points lower at 1,653.57.On the broader market, losers outnumbered gainers 409 to 160, with 362 counters unchanged. Turnover amounted to 593.7 million units valued at RM334 million.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index rebounded yesterday as it broke away decisively from the 1,650 mark. Nonetheless, he said daily volume traded remains low as the retail segment stay sidelined.

"For today, we expect the index to hover within the 1,660-1,670 range. "Meanwhile, crude oil prices continue to slide with the Brent crude ending below US$70 per barrel amid a weakening global demand as forecast by OPEC," he said.

Meanwhile, Thong noted that Wall Street closed mixed as sentiment remained cautious ahead of the consumer price index (CPI) and producer price index (PPI) to be released later today and tomorrow respectively. As such, he said while the Dow Jones Industrial Average (DJIA) declined 93 points, the Nasdaq gained 141 points with the US 10-year yield easing to 3.64 per cent."Over in Hong Kong, the Hang Seng Index (HSI) reversed earlier losses spurred by the surprising August stronger than expected exports data from China. "There was also a tech-related rally led by Alibaba after both the Shanghai and Shenzhen exchanges admitted it to the stock connect scheme," he added.

https://www.nst.com.my/business/corporate/2024/09/1104219/bursa-malaysia-sea-red-fbm-klci-down-1pct-ahead-us-cpi