KUALA LUMPUR, April 7 — Bursa Malaysia opened marginally higher but retreated thereafter, taking its cue from the weaker global markets after the United States Federal Open Market Committee reiterated its hawkish stance in its latest meeting minutes.
At 9.05am, the benchmark FTSE Bursa Malaysia KLCI was 2.32 points lower at 1,602.40 from Wednesday's close of 1,604.72.On the broader market, losers led gainers 226 to 120, while 230 counters were unchanged, 1,660 untraded and 16 others suspended.In a note, Malacca Securities Sdn Bhd said given the negative Wall Street overnight performance, some profit-taking activities are expected to emerge on the local front, especially among the technology stocks.
“We might see a pullback in the oil and gas sector following the retracement in oil price, and traders might avoid technology stocks in view of the more hawkish environment going forward.
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