KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
Bursa Malaysia opened on a positive note this morning, mirroring Wall Street's gains, which were driven by bargain hunting following recent declines and anticipation of a Federal Reserve rate cut in the coming week.
At 9:14 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was up by 0.31%, gaining 5.08 points to reach 1,656.57, compared to the previous close of 1,651.49.
The broader market also showed positive momentum, with 418 gainers outpacing 153 losers, while 308 counters remained unchanged.
Thong Pak Leng, Equity Research Vice-President at Rakuten Trade Sdn Bhd, noted that despite some buying activity during most of yesterday's session, the FBM KLCI dipped slightly, nearing the 1,650 level due to persistent selling pressure on YTL-related companies.
He highlighted that the daily trading volume had improved, largely fueled by the debut of 99 Speed Mart Retail Holdings Bhd.
"However, overall market sentiment remains cautious, even though net foreign fund inflows are still apparent," Thong added. "For today, we expect the index to hover within the 1,650-1,660 range."
Comments
Post a Comment