KUALA LUMPUR: Bursa Malaysia ended midday mixed, with the key index managing to stay afloat while the broader market continued to see selling pressure following the 25 basis points rate cut by the US Federal Reserve.
At midday break, there were 246 gainers, 586 losers and 464 counters traded unchanged on the Bursa Malaysia.
The benchmark index opened 4.34 points higher at 1,627.62 and moved between 1,622.00 and 1,627.62 before closing at 1,624.96 points during the morning session.
Turnover was at 1.667 billion shares valued at RM927.129 million.
Malacca Securities Research said the sentiment on the local bourse shifted as profit-taking activities emerged.
Despite US jobless claims coming in above consensus, the firm said Wall Street continued to rally, driven by ongoing optimism following Donald Trump's victory and the Fed's 25 basis point rate cut.
"Looking ahead, we anticipate stronger-than-expected sentiment in the US, bolstered by expected corporate tax cuts, while remaining cautiously optimistic on the local front. "Also, the interest rate spread between the US and Malaysia may support the ringgit, albeit at a more moderate pace," it said.Ends