KUALA LUMPUR: Bursa Malaysia dipped 0.2 per cent by mid-day following a tepid morning trading session ahead of the Raya holidays, says analysts.
The FTSE Bursa Malaysia KLCI (FBM KLCI) fell by 3.05 points to 1,556.93 from Monday's close of 1,559.98.
The benchmark index opened 0.07 of-a-point lower at 1,559.91 and fluctuated between 1,555.71 and 1,565.57 throughout the morning trading session.
On the broader market, losers led gainers 470 to 398, while 485 counters were unchanged, 990 untraded and nine others suspended.
Turnover amounted to 2.08 billion units worth RM1.09 billion.
Tradeview Capital fund manager Neoh Jia Man said today's trading sentiment will persist into the afternoon, with traders eagerly awaiting the crucial U.S. March CPI data tomorrow.
"In the near term, we anticipate that Bursa Malaysia will remain in consolidation mode following a strong performance year-to-date and decreasing prospects for a mid-year Federal Reserve rate cut," he told Business Times.
Malacca Securities Sdn Bhd said Wall Street closed mixed as the US Treasury yield hit 4- month high and the market is trading cautiously ahead of a few significant economic data such consumer price inflation and producer price indices and jobs data as well as the Federal Open Market Committee meeting minutes.
"These data will likely shape the interest rate direction going forward," it added.
Malacca Securities Sdn Bhd said given the mixed sentiment from Wall Street, trading activities will be softer at least for this week amid a shortened trading week.
"Nevertheless, we believe traders will focus on the Utilities as the data centre investments could drive electricity demand going forward," added the research house.