KUALA LUMPUR: Bursa Malaysia opened mixed today, mirroring the mixed performance of U.S stocks overnight.
At 9.05 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.02 points to 1,449.44 from Tuesday's close of 1,449.46 points.
The broader market however was positive as gainers led decliners 218 to 200, while 303 counters.
Turnover was at 330.100 million shares valued at RM152.942 million.
Wall Street closed on a mixed note as US equities took a breather as many see recent strong performances may have outrun the underlying fundamentals amid a cooling labour market.
Tradeview Capital fund manager Neoh Jia Man expects the local market to take a breather today after yesterday's market downturn.
"However, the key U.S. job report scheduled for release on Friday may act as an overhang, and hence we believe any upward momentum will be constrained," he told Business Times.
Rakuten Trade Research head of research Kenny Yee said late buying activities lifted the FBM KLCI off the day's low as the index declined marginally to just below the 1,450-level prompted by weaknesses across the region following Moody's rating on China's outlook.
Despite recent good corporate earnings showing, sentiment remains cautious in the absence of strong inflows of funds, said Yee.
"Therefore, we expect the index to maintain its consolidation and oscillate within the 1,445-1,455 for today. "Meanwhile, higher US inventory coupled with weakening demand had sent crude oil prices lower with the Brent crude hanging around the US$77 per barrel," he added.