Bursa Malaysia a sea of red as Middle East tensions rise

KUALA LUMPUR: Bursa Malaysia was a sea of red, with the benchmark index falling below the 1,650 mark, amid escalating tensions in the Middle East.

At 9:57am a.m., the FTSE Bursa Malaysia KLCI (FBM KLCI) was down 13.18 points or 0.08 per cent to 1,643.21 from Tuesday's close of 1,656.39.

The overall market sentiment was negative, with 601 losers outnumbering 912 gainers, while 347 stocks remained unchanged.

Rakuten Trade Sdn Bhd noted that the market is in a consolidation phase, with daily trading volume being notably low at around 2.5 billion, reflecting subdued retail participation.

"In view of the latest events in the Middle East, the index is expected to hover within the 1,650-1,660 range today."Meanwhile, gold is looking set to test another all-time high soon from current level at around US$2,660/oz," it said.