Despite Wall Street's broader market recovery sentiment, the local Stock Exchange started trading at a lower opening.
According to Thong Pak Leng from Rakuten Trade Sdn Bhd, based on expectations that US inflation has peaked, investors expect lower rate increases in the future.
Even so, the KLCI is seen to have failed to reach the 1,500 level with local market sentiment remaining cautious and buying activity is expected to continue in the technology sector including telecommunications counters and the oil and gas sector.
Meanwhile, the FTSE Bursa Malaysia KLCI (FBM KLCI) was down 0.86 points at 1,497.1 from Monday's close at 1,497.96 with a weak opening of 0.56 points at 1,497.4.
In the broader market, gainers at 192 outpaced losers at 113, while 233 counters were unchanged, 1,803 untraded and 9 suspended.
Total revenue at 290.1 million units worth RM87.81 million.
Heavyweight stocks saw Malayan Banking Bhd (Maybank) add 3 sen to RM9.02, CIMB Group Holdings Bhd and IHH Healthcare reached 4 sen to RM5.51 and RM6.25 while Petronas Chemicals Group Bhd fell 7 sen to RM8.82 and Public Bank Bhd remained at RM4.62.
Active stocks saw CSH Alliance Bhd down 0.5 sen at 4 sen, Impiana Hotels Bhd down 1 sen at 1.5 sen and Aimflex Bhd up 0.5 sen at 13.5 sen while MQ Technology Bhd remained flat at 3.5 sen and Vinvest Capital Holdings Bhd was flat at 20 sen.
On the index board, the FBM Emas index gained 1.86 points at 10,657.45, the FBMT 100 index gained 0.91 points at 10,400.51, the FBM Emas Shariah index gained 11.08 points at 10,734.03, FBM 70 reached 28.66 points at 12,872.63 and FBM ACE added 16.53 points at 4,910.
In terms of sectors, the Energy index strengthened by 2.17 points at 718.63 and the Plantation index gained 30.08 points at 7,007.50 while the Products and Services index dropped 0.35 points at 184.83 and the Financial Services index was down 10.94 points at 16,874.88.
Meanwhile, the Ringgit fell against the dollar at 4.5030/5055 from last Monday's close of 4.5010/5045.
