KUALA LUMPUR: Bursa Malaysia opened lower today as the highly anticipated US personal consumption expenditure price index is scheduled to be released on Friday.
Investors expect fresh insight into whether inflation levels are low enough to affirm an interest rate cut in June.
At 9.15 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) dropped 7.59 points to 1,530.83 from Tuesday's close of 1,538.42. The benchmark index opened 1.91 points lower at 1,536.51.
On the broader market, decliners led gainers 255 to 191 while 344 counters were unchanged, 1,548 untraded and 74 suspended. Turnover amounted to 331.77 million units worth RM179.45 million.
Rakuten Trade equity research vice-president Thong Pak Leng said Investors have turned cautious ahead of this week's inflation data.
As such, Thong said the DJI Average lost 0.08 per cent points while the Nasdaq closed 0.42 per cent points lower.
"On the domestic front, the FBM KLCI narrowly higher after a choppy session as investors are reluctant to take long positions amid the strong global volatility.
"Nonetheless, accumulation persists on small caps such as property and construction sectors.
"We believe the benchmark index will remain in consolidation mode for the time being and expect it to trend within the 1,535-1,545 range for today," he told the Business Times today.
On the active, Computer Forms (Malaysia) Bhd rose one sen to 16 sen and MMAG Holding Bhd up 0.5 sen to 17.5 sen.
Meanwhile, High-grade calcium carbonate powder producer Zantat Holdings Bhd made its debut on the ACE Market of Bursa Malaysia to a strong reception.
At the open, the share was traded at 40 sen, a 15 sen or 60 per cent jump over its initial public offering price of 25 sen a share.
Among the heavyweights, Malayan Banking Bhd and Petronas Chemical Group Bhd were flat at RM9.69a and RM6.83 respectively while Public Bank Bhd advanced 1.0 sen RM4.26.
