KUALA LUMPUR: Bursa Malaysia was lower on Wednesday on profit-taking after yesterday's rebound as the market anticipates the US Federal Reserve's (Fed) first rate cut in four years.
At 10.20 am, FTSE Bursa Malaysia (FBM) KLCI was down 0.23 per cent or 3.77 points to 1,660.51 versus Tuesday's closing price of 1,664.28. The key index opened flat at 1,664.33. The broader market was negative with decliners leading gainers 423 to 213 while 369 counters were unchanged.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the FBM KLCI maintained its performance yesterday to ease past the 1,660 level supported by continuous buying from foreign funds.
However, daily volume traded remained thin despite the surge in interests of glove related stocks emanated from the prospective imposition of high tariffs on Chinese glovemakers by the US.
"With the Fed rate cut looming, we expect the local bourse to sustain its uptrend thus expect the index to hover within the 1,670-1,680 range today," he said in a statement.