KUALA LUMPUR: Bursa Malaysia opened in the red, after a strong comeback last week, as trading activities are expected to be muted ahead of the year-end festive season.
AT 9.30am, FTSE Bursa Malaysia (FBM) KLCI was down 0.07 per cent or 1.05 points from Friday's closing of 1,462.45.
It opened 0.06 per cent or 0.89 points lower at 1,461.56.
The broader market was also negative with losers surpassing gainers 310 to 266 while 337 counters remained unchanged.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the FBM KLCI closed above 1,460 last week underpinned by buying activities during the afternoon session.
"We reckon there is staying power for the local bourse as diversification of funds may prevail since many will look for values especially amongst the emerging markets thus expect the index to climb further and hover within the 1,460-1,470 range today," he said.
On the global front, he noted Wall Street closed mildly positive as traders remained sidelined following a strong performance of late amid the buzz of easing interest rates.
The Dow Jones Industrial Average gained 57 points while the Nasdaq added 52 points with the US 10-year yield dipped marginally to 3.915 per cent. In Hong Kong, the Hang Seng Index jumped 390 points to end nearly at the 16,800 mark predominantly due to the softer interest rate scenario as opted by the Federal Reserve.
Thong added sentiment was further boosted by China's latest measures to lower ratios on home repayments and extending deadlines for mortgages.