KUALA LUMPUR: Bursa Malaysia opened higher today driven by Wall Street's performance amid positive corporate earnings.
The FTSE Bursa Malaysia KLCI (FBM KLCI) opened 0.92 of-a-point better at 1,583.58 from Monday's close of 1,582.66.
On the broader market, gainers led losers 182 to 167, while 302 counters were unchanged, 1,686 untraded and 74 others suspended.
Turnover amounted to 166.42 million units worth RM105.10 million.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said Wall Street continued with its uptrend boosted by a solid corporate earnings report, but Tesla was the day's hero after it cleared the first hurdle for full self-driving technologies in China.
Nonetheless, Thong said rotational plays amongst the mega tech stocks were evident with McDonald's, Coke and Amazon earnings still to come.
"Back home, the FBM KLCI ended at another year to date (YTD) high underpinned from broad-based buying on blue chips and surprisingly Banks were not the preferred ones. "We believe this offers good opportunities to buy some banking stocks as interest will eventually return to the sector. "For today, we expect the index to hover between the 1,580-1,590 range and we will be closed for Labour Day tomorrow," he told the Business Times.
MKH Oil Palm (East Kalimantan) Bhd was the most active counter, rising three sen to 65 sen.
Cypark Resources Bhd innched six sen to RM1.00, Harvest Miracle Capital Bhd rose half sen to 12 sen while YTL Power International Bhd shed seven sen to RM4.74.
On heavyweight, CIMB Group Holdings Bhd climbed seven sen to RM6.68 and Malayan Banking Bhd added three sen to RM9.78.