KUALA LUMPUR, Sept 1 ― Bursa Malaysia opened lower today on profit-taking after its strong closing on Tuesday, tracking the overnight global stock markets’ decline after strong United States’ jobs data fuelled concerns over aggressive monetary policy tightening, dealer said.
On the broader market, losers outpaced gainers 286 to 96, while 216 counters were unchanged, 1,690 untraded and 20 others suspended.In a note, Malacca Securities Sdn Bhd said that although Bursa Malaysia's key index managed to trade positively on Tuesday, investors should remain cautious in light of the ongoing volatility in global stock markets due to the US Federal Reserve’s hawkish tone.
On commodities, it noted that crude oil price trended lower at around US$96 per barrel due to fears over the global economic slowdown, while crude palm oil price hovered above RM4,100.