KUALA LUMPUR: Bursa Malaysia fell below the 1,600-point mark on Friday, mirroring Wall Street's decline following disappointing earnings from major technology companies.
As of 9:20am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was down 0.36 per cent, dropping 5.82 points to 1,596.06 from its previous close of 1,601.88.
The broader market was also weak, with decliners outnumbering gainers 362 to 181, while 349 counters remained unchanged.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the FBM KLCI declined sharply to almost the 1,600 level as selling from foreign funds persists.
"We are curious by the sell-down from foreign funds recently but expect bargain hunters to emerge if the index dips below 1,600 thus envisaging the index to hover within the 1,600-1,610 range today," he said.
Thong added that the crude palm oil price charted another year-to-date high, surpassing the RM4,700 per tonne but remains under the radar underscoring its role as the underdog.