PETALING JAYA: Bursa Malaysia pared earlier losses to end marginally lower yesterday on late buying, mirroring the global sell-off that weighed on key regional markets, says an analyst.
At 5pm, the FBM KLCI dipped 0.11% or 1.90 points to 1,606.85 from last Friday’s close of 1,608.75.
The index opened 0.13 of-a-point higher at 1,608.88, and moved between 1,603.92 and 1,609.43 throughout the day.
Market breadth was also negative as losers overwhelmed gainers 624 to 335, while 472 counters were unchanged, 1,044 untraded and 16 suspended.
Turnover increased to 3.16 billion units worth RM2.45bil versus 2.79 billion units valued at RM2.40bil last Friday.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said investors were cautious ahead of the US Federal Reserve’s (Fed) expected 25-basis-point interest rate cut tomorrow, as concerns over persistent inflation clouded the Fed’s long-term rate outlook.
Meanwhile, November data revealed that China’s industrial production expanded as expected, supported by recent stimulus measures to boost business activity.
Weaker-than-expected retail sales pointed to ongoing struggles in consumer spending. On the home front, he said Malaysian equities continue to provide investment opportunities, driven by their undervalued status, stronger corporate earnings and improved economic conditions. — Bernama
