KUALA LUMPUR: Bursa Malaysia started the week on a weaker note, despite the robust performance of the U.S. market last Friday.
At 9.05am, the FBM KLCI had eased 0.84 of a point to 1,455.54, from last Friday's close at 1,456.38.
The benchmark index opened 1.41 points weaker at 1,454.97.
Market breadth was negative, with decliners leading gainers by 150 to 148, while 253 counters were unchanged, 1,771 untraded, and 27 others suspended.
Turnover stood at 174.68 million units worth RM72.15 million.
Wall Street ended on a positive note last Friday, with the U.S. Treasury yields and the dollar are both sliding.
Treasury yields fell as US Fed Chair Jerome Powell highlighted the increased equilibrium between the risks associated with excessive interest rate hikes and the risks of inadequate hikes to manage inflation.
Tradeview Capital fund manager Neoh Jia Man said the FBM KLCI performance can be attributed to the decline in oil prices, exerting pressure on the performance of index heavyweights exposed to the energy sector.
"With no imminent domestic catalysts on the horizon, we anticipate that the market will range-bound with direction influenced by the performance of regional markets," he told Business Times.
Rakuten Trade equity research vice-president Thong Pak Leng said back home, the FBM KLCI ended higher due to strength during the final hour of the trading session.
"We expect the buying on local stocks to continue given the attractive valuations and persistent support from foreign funds although we do not discount the possibility of profit taking activities."As such we anticipate the benchmark index to trend within the range of 1,450-1,460 for today. "Additionally, we expect some headwinds in the plantation sector as the CPO futures fell to below RM3,800 per tonne," said Thong.