Bursa Malaysia opens lower in consolidation mode, taking the cue from weaker performance on Wall Street, which snapped its longest winning streak in two months.
The Bursa Malaysia building in Kuala Lumpur, Malaysia. Bursa Malaysia opened lower in consolidation mode Wednesday, following a weaker performance on Wall Street.
At 9.07 am, the key FTSE Bursa Malaysia KLCI fell 7.35 points at 1,643.85 from 1,651.20 at 5 pm on Tuesday.Market breadth was negative as losers led gainers 128 to 81, with 185 counters unchanged, 1,494 untraded and 31 suspended.Malacca Securities Sdn Bhd said following a retreat in the FBM KLCI yesterday the market started to taper off amid toppish technical indicators after gains over the past few weeks.
While some of the recent gains were due to better-than-expected quarterly earnings, the improved earnings outlook is still largely meek due to the insipid global and domestic economic environment, it said.
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