Wall Street Market Weak, Bursa Malaysia Opens Lower


 Bursa Malaysia continued its decline ahead of the release of the third quarter GDP report in line with weak market indicators from Wall Street.

At exactly 2.15 this afternoon, the FBM KLCI fell by 3.81 to 1,460.87 and the FBM SHA fell by 28.14 to 11,005.26.

Market breadth was negative with the number of losers exceeding gainers which was 170 compared to 107 and 237 counters unchanged. 1,876 were not traded and 24 counters were suspended from trading.

This makes the total trade amount to 331.67 million units which is worth RM65.39 million.

According to Rakuten Trade Vice President of Equity Research, Thong Pak Leng said Wall Street's overnight performance closed mixed following recent gains as investors reassessed the lackluster US economic data.

Among them are rising US jobless claims and lower-than-expected industrial production.

Domestically, Thong thinks that the local bourse will trade in a small range with an upward trend, thus projecting the index in the range of 1,460-1,470.

Other analysts said that investors are also monitoring Malaysia's GDP report today and economists are projecting growth of 3.2-3.3% compared to 2.9% in the previous quarter.