Bursa open lower on Wall Street weakness, hawkish Fed remarks
The benchmark index eased to 1,673.84, as market breadth was negative, with losers outnumbering gainers 259 to 134.
Bursa Malaysia began trading lower on Thursday, following a decline in Wall Street performance and hawkish comments from US Federal Reserve officials. The benchmark index dropped 2.59 points, or 0.15%, to 1,673.84, compared to yesterday's close of 1,676.43. At 9:10am, the index fell 1.98 points to 1,674.45. Market breadth was negative, with more stocks losing value than gaining, as losers outnumbered gainers 259 to 134.
A total of 269 stocks remained unchanged, while 2,239 were untraded and 27 suspended. Turnover reached 259.94 million shares worth RM101.64 million. Kenneth Leong, head of research at Berjaya Research Sdn Bhd, attributed the market's weakness to recent remarks by US Fed Governor Michael Barr, which caused renewed volatility on Wall Street overnight.
Investors are expected to wait and see developments at the upcoming US-China summit, and the broader market may consolidate after recent gains. Some stocks, like Maybank and Tenaga Nasional, remained relatively stable, while others, such as Nestle and Kuala Lumpur Kepong, experienced declines.
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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