KUALA LUMPUR: Bursa Malaysia opened higher today following the positive rebound on Wall Street.
At 9.15 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) increased slightly by 0.38 of a point to 1,455.96 from yesterday's close of 1,455.58.
The FBM KLCI opened 1.18 points firmer at 1,456.76.
In the broader market, gainers surpassed decliners 178 to 133, while 260 counters were unchanged, 1,735 untraded, and 12 suspended.
Turnover amounted to 215.00 million units worth RM108.65 million.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said Wall Street staged a technical rebound as all three major indices closed broadly higher following the decline a day before.
Back home, Thong said the FBM KLCI reversed its uptrend to end at 1,455, having failed to break the 1,465 level after several attempts.
"Nonetheless, we believe some bargain hunting activities will emerge today, so we expect the index to hover within the 1,455–1,465 range with interest on banking and utilities stocks," he told the Business Times today.
Meanwhile, Malacca Securities Research said the market will be watching the Federal Reserve's preferred PCE inflation report, which will be released later tonight.
"As of this juncture, the dollar index headed lower with the anticipation of the dovish stance from the Fed next year.
"Following the positive rebound on Wall Street, buying interest may return to the local exchange," it said.
Among other heavyweights, Sime Darby Bhd was flat at RM2.40, Kuala Lumpur Kepong Bhd was 10 sen lower at RM21.82, and Petronas Chemicals Group Bhd was flat at RM7.21.
Of the actives, Leform Bhd was flat at 41.5 sen, and Classita Holdings Bhd rose 1 sen to 0.5 sen.
