Treasury yields move lower after Fed kicks off hiking cycle
The Federal Reserve raised interest rates for the first time since 2023.
KUALA LUMPUR: The main index on Bursa Malaysia closed lower on Thursday after a turbulent trading session, as worries surrounding escalating US bond yields and potential additional monetary tightening by the US Federal Reserve continued to cast a shadow over market sentiment, according to an analyst. By 5pm, the FTSE Bursa Malaysia KLCI index had slipped 4.47 points to close at 1,674.74 points, marking a 0.26% decline from its closing figure of 1,679.21 points recorded on Tuesday.
The exchange had been closed for trading the previous day to commemorate Malaysia Day. Opening lower on Thursday by 1.71 points at 1,677.50, the benchmark index oscillated between 1,670.75 and 1,684.92 throughout the day's trading. Market breadth was modest, with the number of stocks that declined outnumbering those that gained by 673 to 465.
A total of 548 stocks closed unchanged, while 1,170 remained untraded and 13 were suspended. Trading volume increased slightly, reaching 3.60 billion units valued at RM3.25 billion compared to 3.34 billion units valued at RM3.25 billion the previous day.
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.
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- Bursa ends lower as US bond yields, Fed tightening concerns weigh freemalaysiatoday.com
