KUALA LUMPUR: Bursa Malaysia opened lower on Tuesday tracking Wall Street's lacklustre performance as investors assessed a fresh batch of strong economic data that suggested rates may stay elevated for longer than anticipated.
At 9.30am, FTSE Bursa Malaysia KLCI (FBM KLCI) was down 0.09 per cent or 1.42 points to 1,509.92 versus Monday's close of 1,511.34.
The key index opened 0.07 per cent or 1.03 points lower at 1,510.31.
The broader market was also negative as losers led gainers 258 to 190 while 323 counters remained unchanged.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the FBM KLCI finished lower due to profit taking activities.
"Nonetheless, we interpret this as a positive correction, enabling the market to absorb the recent rally. We expect the buying on local stocks to continue given the attractive valuations and persistent support from foreign funds.
"As such, we anticipate the benchmark index to trend within the range of 1,510-1,520 for today," he said in a note.
The index board was also a sea of red with FBM100 losing 0.05 per cent to 10,877.23, FBM Emas dropped 0.04 per cent to 11,208.30 and FBM Ace shed 0.27 per cent to 4,690.56.