KUALA LUMPUR: Bursa Malaysia retreated on Wednesday as it took its cue from the losses on Wall Street overnight.
At 9.13am, the benchmark index fell 6.34 points, or 0.44% to 1,439.13. The index opened 4.69 points lower at 1,440.86.Overnight, the U.S. stock market plunged after August new home sales came in below expectations and the Conference Board’s consumer confidence was also below economists’ estimates.
Inter-Pacific said near-term market conditions are likely to remain insipid due to the lack of leads as well as the weak market sentiments that are affecting global equities. “Not only would the weaker sentiments leave the key index to drift further, but it could miss the window dressing altogether as the downside risk looks to dominate trades over the near term, particularly after the Dow tumbled overnight on renewed concerns over its slowing economy.
Meanwhile, Malacca Securities said as the trading environment becomes more cautious, selling pressure is expected to mount within the technology stocks, driven by the previous night's negative performance on the Nasdaq.
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