KUALA LUMPUR: Bursa Malaysia started the day on a lower note, mainly due to profit-taking activities amid the weaker regional market performance.
At 9.10am, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell by 0.87 of a point to 1,456.73 from yesterday's close of 1,457.60.
The key index opened 0.76 of a point easier at 1,456.84.
On the broader market, decliners led gainers 188 to 144, while 290 counters were unchanged.
Turnover stood at 340.33 million units worth RM127.01 million.
Rakuten Trade equity research vice-president Thong Pak Leng said the FBM KLCI declined to below the 1,460 level weighed mainly by selling on the banks which was rather surprising.
Nonetheless, he remains positive on the banks as the financial sector should maintain its dominance in supporting the overall corporate earnings growth for this year.
"Thus, we believe some bargain hunting may emerge for the banks anytime soon hence expect the index to hover within the 1,455 to 1,465 range today.
"Meanwhile, energy related stocks may face some headwinds from the recent sharp decline in crude oil price that saw the Brent crude retreated to below US$80 per barrel," he told Business Times.
Adding further, Thong said it was a mixed day on Wall Street as traders were mainly sidelined ahead of inflation data to be out next week.
He added that there was a shift of funds from equities to bonds as the US 10-year yield continue to slide that ended at 4.492 per cent.
"As such, the DJI Average lost 40 points (0.12 per cent) while the Nasdaq added 11 points (0.08 per cent).
"In Hong Kong, the Hang Seng Index lost another 101 points (0.58 per cent) as fears of a deflation in China emerged as many are expecting both October's consumer and producer prices to be announced today to decline," he noted.