KUALA LUMPUR: Bursa Malaysia opened on an upward trend today, buoyed by increased buying interest, particularly in telecommunications, consumer goods and services, and financial stocks.
This was prompted by a mixed performance in Wall Street trading overnight.
At 9.53 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) opened 7.44 points higher to 1,544.45 from Wednesday's close of 1,537.01.
The overall market sentiment was bullish, with 388 stocks registering gains compared to 235 stocks experiencing losses, while 399 stocks remained unchanged.
Rakuten Trade Sdn Bhd head of research Kenny Yee mentioned that funds are expected to persist in moving towards commodities, particularly metals and energy, potentially reducing their allocation in equities.
"We expect some bargain hunting activities today, so we expect the index to hover within the 1,540–1,550 range," he said.
On the global front, Wall Street closed on a mixed note after a choppy session as sentiment remained affected by uncertainty over the timing of whether and when the Federal Reserve will adjust interest rates.
"As a result, the Dow Jones Index (DJI) Average lost 43 points while the Nasdaq added 37 points as the US 10-year yield eased marginally to 4.35 per cent," he added.
Kenny observed that in Hong Kong, the Hang Seng Index (HSI) fell by 206 points, primarily driven by declines in banking and property stocks, as expectations for a US interest rate cut were tempered.
