Bursa opens lower amid US inflation concerns
Market sentiment remained cautious, although bargain-hunting could emerge, with the index expected to trade between 1,600 and 1,615 today, says an analyst.
Bursa Malaysia opened lower on Wednesday, mirroring declines on US Wall Street following October inflation data that heightened fears of inflationary pressures. The FTSE Bursa Malaysia KLCI fell 3.94 points to 1,600.13 from the previous close of 1,604.07. Market breadth was negative, with more stocks falling (145) than rising (136), while 260 counters remained unchanged.
Total turnover was 271.32 million units, amounting to RM84.19 million. US Consumer Price Index (CPI) data released in October showed a 0.4% month-on-month increase, surpassing forecasts of 0.3%. This more robust figure raised the likelihood of a December interest rate hike by the US Federal Reserve, as indicated by Fed Governor Christopher Waller.
Despite the market's cautious mood, some traders anticipated opportunistic buying later in the session, with the index potentially oscillating between 1,600 and 1,615. Among the affected heavyweights, Maybank dropped four sen to RM10.02, CIMB declined six sen to RM7.02, and Tenaga Nasional lost 16 sen to RM13.02. Public Bank gained two sen to RM4.70, while IHH Healthcare rose 15 sen to RM7.89.
Active trade included SKA Capital, MMAG Holdings, Ni Hsin Group, GIIB Holdings, and Zetrix AI, with various gains and losses reported across different sectors.
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 opens lower amid US inflation concerns freemalaysiatoday.com
