KUALA LUMPUR: Bursa Malaysia opened mixed following a weaker showing on Wall Street, with traders opting to wait on the sidelines ahead of the release of US personal consumption expenditure data.
The FTSE Bursa Malaysia KLCI (FBM KLCI) opened 1.55 points higher at 1,547.14, compared to the previous day's close of 1,545.59.
However, the broader market sentiment is negative, marked by a higher number of losers compared to gainers at 473 to 190, with 341 stocks unchanged.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng noted that the FBM KLCI ended the day with a significant decline, mainly due to profit-taking activities observed following a recent upward trend among blue-chip stocks.
"We find the selling a tad overdone as investors decided to lock in profits especially for the Utilities sector following recent strong performance," he added.
Thong anticipates that a quick recovery is necessary to sustain the positive sentiment seen recently and propel the index to higher levels."Therefore, we expect the index to possibly hover within the 1,545-1,555 today," he said.
Globally, Thong observed that the Dow Jones Industrial Average (DJI) ended the day down 23 points, and the Nasdaq dropped 88 points, coinciding with a decrease in the US 10-year yield to 4.26 percent.
Meanwhile, in Hong Kong, the Hang Seng Index (HSI) experienced its largest decline in four weeks, shedding 254 points, as traders opted to take profits.
"Nonetheless, Hong Kong developers received a boost following the lifting of curbs on property transactions," he added.