KUALA LUMPUR, Feb 22 ― Bursa Malaysia opened lower again after the United States (US) Federal Open Market Committee (FOMC) meeting minutes showed that the US Federal Reserve (Fed) is not cutting its rates anytime soon following the recent spate of strong economic data.

At 9.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 3.26 points to 1,549.14 from yesterday’s close of 1,552.40.

The benchmark index opened 1.69 points lower at 1,550.71.

The market breadth was negative with losers surpassing gainers 180 to 140, while 274 counters were unchanged, 1,723 untraded and 20 others suspended.

Turnover amounted to 226.58 million units worth RM66.76 million.

Following the release of the meeting minutes, Mohd Sedek Jantan, head of wealth research and advisory, designated portfolio manager at UOB Kay Hian Wealth Advisors, concluded that a higher-for-longer interest rate environment will persist with the Fed likely to start cutting rates in the second half of this year.

"Last month, most Fed officials flagged concerns over moving too quickly to cut interest rates, indicating such risks outweighed keeping borrowing costs elevated for too long.

"The minutes of the previous FOMC meeting showed that policymakers remain attentive to the trajectory of inflation, with some voicing concerns that progress toward the central bank’s 2.0 per cent inflation target could stall,” he noted.

Despite the growing market anxiety, Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the FBM KLCI managed to reduce losses yesterday to end the day only slightly lower, depicting that the local bourse is still well supported at current levels.

"Hence, following yesterday’s intermittent correction, we believe that buyers will return and expect the index to hover within the 1,550-1,560 range today, with interest shifting to the technology and telco sectors,” he said.

Meanwhile, Bursa heavyweights Tenaga Nasional lost 10 sen to RM11.28, IHH Healthcare was three sen lower at RM6.17 and PPB shed 16 sen to RM15.34.

Conversely, YTL and Maxis rose one sen each to RM2.23 and RM3.80, respectively.

As for the actives, Reneuco inched up one sen to 10.5 sen, Hong Seng rose half-a-sen to 2.5 sen and Avaland bagged 2.5 sen to 29 sen, while TWL and Datasonic were flat at 3.5 sen and 47.5 sen, respectively.

On the index board, the FBM Emas Index lost 12.55 points to 11,509.28, the FBMT 100 Index shed 12.99 points to 11,162.98, the FBM Emas Shariah Index slid 10.56 points to 11,572.25, and the FBM ACE Index fell 7.02 points to 4,830.47, while the FBM 70 Index improved by 25.06 points to 15,540.73.

Sector-wise, the Financial Services Index eased 23.62 points to 17,352.54, the Plantation Index slipped 1.09 points to 7,327.77, the Energy Index was 0.53 of-a-point lower at 934.24, and the Industrial Products and Services Index trimmed 0.19 of-a-point to 177.47, while the Properties Index bagged 1.43 points to 926.30. ― Bernama