Bursa Malaysia opens choppy as caution over US-China talks lingers
KUALA LUMPUR: Bursa Malaysia opened to choppy trading, tracking Wall Street's mixed performance amid ongoing caution over the outcome of US-China trade talks.
At 9.40am, the FTSE Bursa Malaysia KLCI (FBM KLCI) edged down 0.20 of a point or 0.01 per cent to 1,519.21 from Monday's close of 1,519.41.
The benchmark index opened marginally higher by 0.30 of a point at 1,519.71.
The broader market was slightly positive, with gainers led losers 241 to 236, while 321 counters were unchanged, 1,560 untraded and 21 suspended.
Turnover stood at 530 million units, valued at RM245.87 million.
Rakuten Trade Sdn Bhd said the FBM KLCI managed toclimb higher on Monday following a stop-start session as foreign selling still persists.
The firm said the local bourse has endured of more than RM11 billion of net foreign outflows year-to-day as most are diverting their attention to the more robust Hong Kong market.
"No thanks to Trump's flip-flop tariff policy, consensus have downgraded overall earnings by corporate Malaysia namely the banks hence the lackluster interests on the local equities.
"For today, we anticipate the index to trend within the 1,515-1,525 range," it added.
Rakuten said Wall Street ended flat with little changes to all three major indices.
It said that traders were mostly side-lined while waiting for the outcome from the discussion between China and the US.
Amid the prevailing uncertainty, the US 10-year yield slipped to 4.476 per cent.
Meanwhile in Hong Kong, the Hang Seng Index reversed last Friday's losses to close above the 24,000 mark as sentiment was boosted by China's May consumer price index though still weak, it is better than expected and could be a prelude for more easing policies from China going forward.
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