KUALA LUMPUR: Bursa Malaysia was trending lower today as traders stayed mostly on the sidelines ahead of the US' Federal Reserve's decision on interest rates on Dec 18, 2024.
The US Fed is widely expected to cut rates by another 25 basis points.
At 9.45am, the FTSE Bursa Malaysia KLCI (FBMKLCI) slipped 0.20 per cent, declining 3.26 points to 1,605.49 compared to the previous close of 1,608.75.
However, the index had initially opened higher, adding 0.09 points to 1,608.84.
The broader market remained negative, with losers outpacing gainers at 367 to 286, while 418 counters were unchanged.
Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said the index rebounded to close near the 1,610 level, driven by the emergence of buying activities.
"We believe liquidity within the local bourse is still low but remain hopeful that the index will test 1,630 before 2024 ends. For today, we expect the index to hover within the 1,605-1,615 range," he said.