Bursa ends lower as rising US yields, oil prices weigh
Market sentiment is likely to remain cautious after the benchmark index fell below the 1,625-1,630 support range, signalling continued near-term selling pressure, says an analyst.
Bursa Malaysia ended lower on Tuesday, dragged down by rising US Treasury yields and increased oil prices, which dampened market sentiment. The FTSE Bursa Malaysia KLCI closed 21.57 points lower at 1,611.78, failing to follow the rally seen on Wall Street. The index opened higher at 1,633.54 but fell to its lowest point of 1,610.55 by the end of the day.
The broader market saw more losses than gains, with 663 stocks declining compared to 492 that gained. Turnover decreased to 3.83 billion units, worth RM3.52 billion, down from the previous day's 4.18 billion units. Analysts cited Brent crude oil surpassing US$101 per barrel due to Houthi attacks in Saudi Arabia, as well as US 10-year Treasury yield nearing 5.3% and 30-year yield staying above 5.6%, as factors contributing to the cautious market sentiment.
Brief written by urgent.news from New Straits Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 2 other outlets
- Bursa ends lower as rising US yields, oil prices weigh freemalaysiatoday.com
- Bursa Malaysia ends lower as higher US yields, oil prices weigh on sentiment nst.com.my
