KUALA LUMPUR: Bursa Malaysia opened marginally higher on Monday, amid uncertainties and sentiment influenced by China's softening economy.
The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) opened at 1,446.69, up by 0.6 points from Friday's close of 1,446.09.
At 9.09am, the key index quickly garnered some traction and rose 3.19 points to 1,448.72.
On the broader market, at 9.15am losers took the lead outnumbering gainers, 219 to 214, while 265 counters were unchanged.
SPI Asset Management managing director Stephen Innes said local markets experienced a series of stumbles due to concerns about regional economy especially China along with higher sovereign bond yields.
"I expect these themes to continue ahead of the Jackson Hole symposium this weekend where central bankers from around the world are meeting.
"Renewed apprehensions regarding China's economy have come to the fore. These concerns were prompted by a set of economic data for July that fell below expectations," he told the New Straits Times.
He said the adequacy of China's effort to support its economy have increased the concerns that surround it.
Innes, however, doubted that Beijing will employ a sweeping fiscal stimulus akin to the ones used during the global financial crisis.
"I suspect policymakers believe there is no one-size-fits-all solution for reigniting economic growth as in yesteryear.. Hence bullish trends in the local market could be fleeting until US yields ease of China data improves," he added.
