KUALA LUMPUR: Bursa Malaysia opened lower on Thursday as profit taking activities continued.

At 9.15am, FTSE Bursa Malaysia (FBM) KLCI dipped 0.53 per cent or 8.43 points to 1,591.36 versus Wednesday's close of 1,599.79.

The key index opened 3.52 points lower at 1,596.27.

The broader market was also negative with decliners leading losers 509 to 185 while 343 counters were unchanged.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the FBM KLCI maintained its consolidation to dip below the psychological 1,600 level as profit taking activities continued.

"We are indeed surprised by the lack of buying interests on the local bourse of late but expect some bargain hunting to emerge now that the index is hovering below the 1,600 mark. "We believe market undertone is still positive thus expect the index to trend between the 1,600-1,610 range today with interests possibly on the banks and telcos," he said in a note.

On the global front, Wall Street was closed for trading yesterday.

However, Thong said a look at the futures of the three major indices, the Dow Jones Industrial Average is in negative territory whilst both the Nasdaq and S&P 500 are making marginal gains.

In Hong Kong, the Hang Seng Index surged past the 18,000 mark as sentiment was boosted from the unveiling of more stimulus from China, primarily the reforming the technology board to improve listing quality and promote tech innovation.

https://www.nst.com.my/business/corporate/2024/06/1065882/bursa-malaysia-opens-lower-key-index-falling-below-1600-level