KUALA LUMPUR: Bursa Malaysia opened slightly higher today, cautiously following Wall Street's overnight rise driven by optimism about a more favorable US interest rate outlook and a decrease in oil prices.
At 9.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was up 0.22 of-a-point to 1,456.11 from Wednesday's closing of 1,455.89.
The key index opened 0.79 of a point better at 1,456.68.
On the broader market, gainers outnumbered decliners 148 to 135, while 235 counters were unchanged.
Turnover amounted to 398.77 million units valued at RM66.48 million.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the FBM KLCI ended lower with selling mainly on commodity related stocks.
He believes the accumulation to persist given the attractive valuations of the local equities accompanied by the improved sentiment following the rally on Wall Street overnight.
"As such, we expect the benchmark index to trend higher within the range of 1,455 to 1,465 for today," he told Business Times.
Meanwhile, Thong noted that Brent crude oil slipped 0.38 per cent to US$81.65 per barrel.
He said Wall Street closed higher after the 10-year treasury yield briefly fell 4.369 per cent on early session and the easing oil price.
The Dow Jones Industrial Average (DJIA) rose 185 points (0.53 per cent) while Nasdaq advanced 66 points (0.46 per cent).
In Hong Kong, the Hang Seng Index (HSI) finished flat ended the day without much change, reflecting the negative sentiment on Wall Street due to the Federal Reserve's November meeting minutes, which indicated a likelihood of maintaining higher interest rates for an extended duration.
