Malaysian Stock Market Opens Lower Amid US-Iran Talks
The Malaysian stock market opened lower on Wednesday, September 23, as investors took profits in selected heavyweights. The benchmark index eased to 1,677.52 from Tuesday's close of 1,683.50. This decline was partly due to the mixed trend on Wall Street, where the Nasdaq hit an intraday high.
Rakuten Trade Sdn Bhd vice-president of Equity Research Thong Pak Leng noted that continued progress in US-Iran talks had weighed on crude oil prices, providing some relief to market sentiment. Benchmark Brent crude oil eased 0.08% to $99.17 per barrel at the time of writing.
Thong also mentioned that the FBM KLCI extended its rebound above the 1,680 level, underpinned by broad-based bargain-hunting despite the Bank of Japan's interest rate hike. He expects buying interest to persist, buoyed by Brent crude oil prices trending at around $98 per barrel.