KUALA LUMPUR: Bursa Malaysia opens lower today on a lack of buying interest despite Wall Street's positive performance overnight and US President Donald Trump's talk of lowering interest rates.
At 9:10 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 4.28 points to 1,572.92 from yesterday's close of 1,577.20.
The benchmark index started the day 0.30 points higher at 1,577.50.
On the broader market, losers outnumbered gainers 178 to 111, while 271 counters were unchanged.
Turnover was at 186.23 million shares valued at RM125.16 million.
Rakuten Trade Sdn Bhd head of research Kenny Yee said the FBM KLCI unexpectedly slid to below the 1,580 level as foreign selling has moved up a gear.
"Nonetheless, we believe reports that the YTL Group is offering free warrants as bonus issues may see some buying interests returning.
"Thus, expect the index to hover within the 1,575-1,585 range today," he told Business Times.
Meanwhile, Yee noted that Wall Street maintained its uptrend with the S&P 500 notching another record high following Trump's call to
lower interest rates and cheaper oil prices.
He added that nonetheless, the US 10-year yield edged higher at 4.646 per cent.
"Over in Hong Kong, the Hang Seng Index (HSI) ended lower as investors were left unconvinced of China's latest move to rejuvenate the financial markets via long-term investments.
"Additionally, Trump's tariffs on China by Feb 1 further spooked sentiment," he said.