KUALA LUMPUR: Bursa Malaysia opened on a lower note today, influenced by Wall Street's significant decline in the wake of investors cashing in on gains from a strong December performance.
As of 9:05 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 2.39 points to 1,462.17 compared to the previous day's close of 1,464.56, opening 1.39 points lower at 1,463.17.
On the broader market, decliners surpassed gainers 165 to 90, while 236 counters remained unchanged, 1,824 were untraded, and 21 were suspended.
The total turnover amounted to 193.03 million units valued at RM48.25 million.
Malacca Securities Bhd reported that the FBM KLCI broke a seven-day winning streak, encountering resistance around 1,470, as profit-taking activities were observed in the banking heavyweight sector.
"Similarly, Wall Street upward momentum was interrupted, halting a 9-day surge despite consumer confidence index increased to a five-month high in December amid growing optimism about the current and future business conditions.
"The stronger consumer behaviour may provide clues that the economy may avoid a recession next year," they said in a note.
Malacca Securities also said as the retracement started in the US, the Technology sector is expected to take a breather at least for today.
"Meanwhile, following the cabinet reshuffle that includes a new "Minister of Digital", overseen by Gobind Singh Deo, the Telco & Media sector has been rising for the 9th session, hence we see more upside potential over the near to mid-term.
"In view of KL-SG HSR to be revived next year, we like the Construction, Building Material and Property sectors," it added.