KUALA LUMPUR: Bursa Malaysia saw a mixed start today marked by range-bound and cautious trading, despite the positive trend on Wall Street overnight.
At 9.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) dropped 2.04 points to 1,413.80 from Wednesday's closing of 1,415.84.
The main index opened 2.40 points lower at 1,413.44.
Nevertheless, on the broader market, gainers outnumbered decliners 155 to 138, while 254 counters were unchanged. Turnover stood at 173.19 million units worth RM71.21 million.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the FBM KLCI continues to slide to close around the 1,415 mark due to the lack of catalysts amid a mixed regional performance.
"However, we believe a rebound should occur anytime soon thus expect the index to hover within the 1,415 to 1,425 range today.
"Meanwhile, energy stocks may face with some road bumps today following the slump in crude oil price that saw the Brent tumbled to below the US$86 per barrel from US$91 per barrel overnight attributed to expected weakening demand amidst the high interest rates environment," he told Business Times.
On regional performance, Thong said Wall Street staged a relief rebound after days of decline following a lower than expected private payroll additions for September notwithstanding that the US 10-year yield remains elevated at 4.74 per cent.
He added that bargain hunting activities lifted the Dow Jones Industrial (DJI) Average 127 points higher while the Nasdaq jumped by 176 points.
Thong also noted that in Hong Kong, the Hang Seng Index (HSI) declined 135 points as sentiment remains impacted by interest rates movements despite a mild rally from China Evergrande.
"The HSI had tolerated a volatile month so far hovering between the 17,200 to 18,500 range," he said.