KUALA LUMPUR: Bursa Malaysia opened in the red tracking Wall Street's mixed performance as investors took breather and took profit.
At 9.18am, FTSE Bursa Malaysia (FBM) KLCI was down 0.1 per cent or 1.59 points to 1,671.79 versus Wednesday's close of 1,673.38. The key index opened 3.19 points lower at 1,670.19.
In the broader market, decliners trumped gainers 331 to 186 while 351 counters were unchanged.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the FBMKLCI managed to close yesterday on a positive note despite some intermittent profit taking activities during the afternoon session.
However the firm believes that the 1,680 remains a tough resistance and must be broken decisively before the index enters its second phase of uptrend. "For today, we expect the index to hover within the 1,670-1,680 range. Meanwhile, crude palm oil trended above the RM4,000 per tonne amid still stuck within a consolidation mode. "The uptick in price can be attributed to lower stock in Indonesia amid high biodiesel demand," said Thong.