KUALA LUMPUR: Bursa Malaysia opened the day in negative territory, with investors taking profit in a thin market.

At 9:39 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined by 0.17 percent, dropping 2.67 points to 1,614.08 from Thursday's close of 1,616.75.

In the broader market, there were 412 losers compared to 219 gainers, with 438 counters unchanged.

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng observed that the market's overall tone remains positive, largely due to the significant premiums from recent new listings. He said this is expected to lead to some liquidity improvements, particularly within the smaller cap segment.

"As for the benchmark index, we expect it to hover within the 1,615-1,625 range today," he said.

On the regional market, Wall Street was closed for Independence Day yesterday and will resume trading today.

"At the time of writing, the futures show that the Dow Jones Industrial Average (DJIA) is trading 25 points higher while the Nasdaq is down by 41 points," Thong noted.

Meanwhile, the Hang Seng Index closed above the 18,000 mark yesterday on hopes of US rate cuts.

Chinese electrical vehicles (EV) makers rallied as debate over additional tariffs within the EU continues.

https://www.nst.com.my/business/corporate/2024/07/1072506/bursa-malaysia-opens-negative-territory-investors-take-profit