Bursa slides as business confidence in US weakens

KUALA LUMPUR: Pressure piled up on Bursa Malaysia as Wall Street closed on a weak note in response to weak economic data from the US, reflecting a dip in business confidence.

On the broader market, losers had outnumbered gainers 297 to 168, but 245 counters were unchanged, 1,493 were not traded, and 20 others were suspended.In the US, the Conference Board consumer confidence index declined again in February to 102.9 from 106.0 in January, prompting more hawkish Federal Reserve bets.

‘’We reckon the local bourse will remain stuck in a consolidation mode amid the uncertainties in the US, hence, expect the index to hover within the 1,450 and 1,460 range today,” he added.

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