KUALA LUMPUR: Bursa Malaysia opened mixed mirroring Wall Street's performance overnight after the United States (US) inflation data came in within expectations.
At 9.27am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was down 2.04 points or 0.13 per cent to 1,609.46 from yesterday's close of 1,611.50.
The benchmark index started on a positive note, up 3.39 points at 1,614.89.On the broader market, losers led gainers 300 to 271, with 381 counters unchanged.
Turnover was at 446.047 million shares valued at RM255.8 million.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the FBM KLCI finally ended above the 1,610 mark on Wednesday, attributed to late buying activities.
Based on current level, he noted that the market is hovering at 2024 price-to-earnings ratio (PER) of 15 times or 13.8 times premised on 2025 earnings.
"Therefore, we believe the local bourse to be reasonably valued and expect buyers to emerge anytime soon. As such, we expect the index to trend within the 1,610 to 1,620 range today," he said.
Meanwhile on Wall Street, Thong said the US stocks closed on a mixed note as the post-election rally lost steam while US inflation rate in October came in at 2.6 per cent that is in line with consensus expectations.
He added that the US 10-year yield ended higher at 4.451 per cent despite more rate cut next month.
Over in Hong Kong, Thong said the Hang Seng Index (HSI) continued to weaken as traders are losing patience and confidence from China's recent below par stimulus package.
In addition, he said traders are also concern of Trump's backlash when he comes into office in 2025.