Bursa ends lower ahead of FOMC decision as oil prices rise
External uncertainties are expected to keep investors defensive and the FBM KLCI in consolidation mode in the near term, says an analyst.
Bursa Malaysia's KLCI index slipped 1.11% to close at 1,679.21 points as cautious investors awaited the US Federal Open Market Committee's rate decision. The benchmark index fell 18.80 points from Monday's close of 1,698.01. Thong Pak Leng, vice-president of equity research at Rakuten Trade Sdn Bhd, noted that the market mirrored broader regional and global market weakness, with investors also keeping a wary eye on AI-related stocks amid uncertain external conditions.
The technical outlook suggested the index was approaching oversold territory, potentially providing bargain opportunities in select blue chips following recent declines. Analyst Kenneth Leong from Berjaya Research Sdn Bhd observed that the local bourse had plunged below the 1,700 psychological level and was now trading between 1,670 and 1,700 points.
Intra-day gains were limited, with 780 stocks losing value against 355 gainers. Turnover increased to RM3.25 billion, up from RM2.79 billion the previous day. Among notable performers were Zetrix AI, which rose 1 sen to 25.5 sen, while others like Butterfield and Top Glove saw slight declines. The FBM Mid 70 Index fell 74.44 points to 17,615.65, and the FBM ACE Index dropped 45.68 points to 5,169.95, while the Financial Services Index decreased 144.17 points to 19,647.40.
With the market closed for Malaysia Day the following day, trading is expected to resume on Thursday.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 2 other outlets
- Ringgit ends lower against US dollar as investors await FOMC decision nst.com.my
- Ringgit ends lower as investors await FOMC decision freemalaysiatoday.com
