KUALA LUMPUR, Nov 1 ― Bursa Malaysia opened lower today despite Wall Street closing firmer ahead of the US Federal Reserve (Fed) meeting’s outcome.

At 9.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) shed 1.75 points to 1,440.39 from yesterday's closing of 1,442.14.

The benchmark index opened 0.97 of a point lower at 1,441.17.

On the broader market, losers led gainers 154 to 98 while 216 counters were unchanged, 1,882 untraded and 14 suspended.

Turnover stood at 141.22 million units worth RM52.05 million.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said as debate continued on whether the Fed would raise interest rates, many investors were expecting the US central bank to pause its rate hikes amid strong US economic growth although inflation remained at elevated levels.

As a result, the Dow Jones Industrial Average gained 124 points, or 0.38 per cent, while the Nasdaq added 62 points, or 0.48 per cent, despite the US 10-year Treasury yield rising to 4.92 per cent.

Over in Hong Kong, the Hang Seng Index declined by 294 points (1.69 per cent) as sentiment was spooked by the unexpected decline in China’s manufacturing activities last month.

Besides, traders also sold down BYD, as many fear that the Chinese electric vehicle maker may not be able to sustain its earnings growth going forward.

Back home, the FBM KLCI levels signalled that market participation remained muted, Thong said, adding that in line with other regional currencies, the pressure on the ringgit versus the US dollar is still an ongoing concern.

"For today, we expect the benchmark index to hover within the 1,440-1,450 range, attributed to buying support from local institutions,” he told Bernama.

Meanwhile, crude oil prices eased due to a build-up in inventory as Brent crude dipped below US$88 per barrel.

Among the heavyweights, Hong Lepong Financial Group and Maybank fell two sen each to RM17.22 and RM9.00 respectively, IHH Healthcare dropped four sen to RM5.96, CIMB shed three sen to RM5.68, and CelcomDigi slid one sen to RM4.22.

Of the actives, Classita added half-a-sen to seven sen, Kinergy Advancement (KAB) and Compugates gained one sen each to 33 sen and two sen, respectively, and Tanco slid half-a-sen to 95.5 sen.

On the index board, the FBM Emas Index dipped 15.22 points to 10,623.36, the FBMT 100 Index was down 15.40 points to 10,299.96 and the FBM Emas Shariah Index slid 10.85 points to 10,830.73.

The FBM 70 Index reduced 33.55 points to 14,004.32 and the FBM ACE Index lost 29.25 points to 4,688.16.

Sector-wise, the Industrial Products and Services Index edged up 0.03 of a point to 172.43 and the Plantation Index gained 1.53 points to 6,905.70.

The Energy Index erased 1.65 points to 866.64 and the Financial Services Index dropped 41.56 points to 16,209.98. ― Bernama