KUALA LUMPUR: Bursa Malaysia started the day on a lower note tracking Wall Street, despite a rebound in certain regional markets.
Wall Street closed lower as traders turned cautious, contemplating the latest labour and wage growth figures for November, which fell more than anticipated.
At 9.09 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) gave up 0.51 points to 1,445.31 from Wednesday's close of 1,445.82.
The barometer index opened 2.93 points easier at 1,442.89.
On the broader market losers led gainers 295 to 205 with 322 counters unchanged.
Wall Street ended lower as traders remain sidelined pondering the latest labour and wage growth for November that declined more than expected.
SPI Asset Management managing director Stephen Innes said Bursa will be trading lower today as investors' non-farm payroll report may start reducing their investments before Friday's NFP report.
"Although we have already seen weaker tier 2 US jobs data this week, investors are probably waiting for the more detailed job market information from the NFP report on Friday before making any strategic moves for the year's end. "Furthermore, oil prices are falling because Saudi Aramco lowered Asia cargo prices yesterday, which will negatively affect the oil and gas sectors," he told Business Times.
Rakuten Trade equity research vice-president Thong Pak Leng said the FBM KLCI maintained its consolidation as the index closed lower to just above the 1,445 level yesterday. "Nonetheless, we reckon bargain hunting activities to emerge anytime soon as the decline of the local bourse has been broad-based. "We believe interest may return to the construction and financial stocks after the recent selling activities thus expect the index to trend within the 1,445-1,455 range today," said Thong.