KUALA LUMPUR: Bursa Malaysia continued on its downtrend after opening higher as investors switch to 'cash is king" mode amid heightened tensions in the Middle East.
At 9.42 am, FTSE Bursa Malaysia (FBM) KLCI was down 0.48 per cent or 7.84 points to 1,631.47 versus Wednesday's close of 1,639.31.
The key index opened marginally higher at 1,640.70. The broader market saw gainers led decliners 338 to 289 while 421 counters were unchanged.
FBM 100 added 0.25 per cent to 11,991.45, FBM Emas rose 0.26 per cent to 12, 298.19 while FBM Ace tumbled 0.15 per cent to 5,118.11.
"Judging by the recent unloading of riskier assets, we believe investors may have switched to "Cash is King" mode.
"Nonetheless, we expect some bargain hunting activities to emerge and anticipate the index to hover within the 1,635-1,645 range today," Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said.
The FBM KLCI closed below the 1,640 mark yesterday as selling from foreign funds gathered momentum.
He added that regional sentiment also turned extremely cautious amid the escalating tensions in the Middle East.