KUALA LUMPUR: Bursa Malaysia continued its downtrend after the latest US jobs data point to a cooling labour market that could influence the Federal Reserve to keep interest rates unchanged in January.
At 9.50 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell by 5.56 points to 1,609.27 from Wednesday's close of 1,614.83.
The benchmark index opened 3.34 points firmer at 1,618.17 points.
Across the broader market, decliners led gainers 583 to 166, with 377 counters unchanged.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said investors prepared for the highly anticipated jobs report and assessed the potential risks of policies such as mass deportations and tariffs, which could spark a global trade war and fuel inflationary pressures.
Back home, Thong said the FBM KLCI ended lower reflecting the overall negative performance of regional bourses.
"We observe a cautious market sentiment as investors brace for policy adjustments following US President-elect Donald Trump's swearing-in on January 20, 2025. "On the flip side, we see yesterday's market decline provides an opportunity for investors to accumulate at lower prices, supported by appealing valuations.
"As such, we expect the FBM KLCI to trade within the range of 1,615–1,625 for today," he said.
Among the heavyweights, Public Bank Bhd and Malayan Banking Bhd added four sen each to RM4.49 and RM10.10, respectively, CIMB Bank Bhd gained five sen to RM8.14 and Public Bank Bhd was eight sen firmer at RM12.42.
Among the actives, Velocity Capital Partner Bhd down 0.5 sen to 7.5 sen, Swift Energy Technology Bhd up two sen to 41.5 sen and Kucingko Bhd adding one sen to 31.5 sen.