BURSA Malaysia opened lower this morning due to a lack of market participants as traders take an extended Hari Raya break, Bernama reports.

At 9.18am, the FBM KLCI had declined 3.56 points to 1,549.95 from Tuesday’s close at 1,553.51. The benchmark index opened 0.58 point higher at 1,554.09.

On the broader market, decliners led gainers 249 to 237, while 369 counters were unchanged, 1,488 untraded, and 11 others suspended.

Turnover amounted to 365.68 million units worth RM201.25 million.

Inter-Pacific Research said near-term market conditions are likely to remain unsettled following a pullback among global indices following the release of higher-than-expected US inflation data.

The research house said the high CPI reading has dashed hopes for an early interest rate cut. 

Experts now predict inflation will stay elevated longer, possibly leading to rate cuts in September instead of June as forecasted.

The Malaysian Insight reported this morning that the latest US monthly inflation figures have scuppered hopes for a June interest rate cut, sending Asian markets yesterday into a spin. – April 12, 2024.