KUALA LUMPUR: Bursa Malaysia opened mixed on Thursday following weaker Wall Street performance overnight as the US Federal Reserve cut interest rate by 50 basis points.
The FTSE Bursa Malaysia KLCI (FBM KLCI) opened 2.68 points higher at 1,663.27 before dropped as low as 1657.13.
At 9.28am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 1.87 points or 0.11 per cent higher at 1,662.46 from Wednesday's close of 1,660.59.
The broader market saw gainers lead losers 431 to 214, while 324 counters unchanged and 1516 untraded.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said that investors will return following the massive rate cut by the US Fed as it positively impact the regional currencies.
"We believe buyers to return following the Fed's big rate cut which is positive for regional currencies. "Therefore, we expect the index to hover within the 1,660-1,670 range today. Meanwhile, the ringgit has strengthened to 4.24 against the greenback," he said.
On Wall Street's performance, Thong said it ended lower amid a volatile session after the interest rate cut.
He explained that the sentiment was mixed on the rate cut as this may signal a slowing economy and employment market.
"As a result, the Dow Jones Industrial Average (DJIA) lost 103 points while the Nasdaq declined by 55 points as the 10-year yield inched higher at 3.713 per cent. Hong Kong market was closed for mid-Autumn Festival," he added.