KUALA LUMPUR: Bursa Malaysia continued its upward trend in early trading today, driven by sustained buying activity.
At 9.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 2.71 points to 1,608.39 from yesterday's close of 1,605.68.
The benchmark index opened 1.28 points higher at 1,606.96 today.
On the broader market, gainers lead decliners 220 to 158, while 327 counters remained unchanged.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the FBM KLCI finally broke the 1,600-barrier underpinned by continuous accumulation in the blue chips by foreign funds.
"Though we would prefer the ascension to persist, an intermittent correction may occur allowing the market to digest recent solid performance which is deem healthy. "Therefore, we believe the index to hover between the 1,600-1,615 range today with the 1,600 as the immediate psychological support," he told Business Times.
He added that Wall Street barely maintained its ongoing uptrend as traders are still waiting for more clues as to when the Federal Reserve will adjust interest rates. Meanwhile, he noted that some funds are already cashing out looking at cheaper alternatives, namely Asia.
"As such, the Dow Jones Industrial (DJI) Average gained 32 points while the Nasdaq lost 17 points from late selling as the US 10-year yield eased further to 4.461 per cent," Thong said.
"In Hong Kong, despite a strong tourism data during the Labour Day break, profit taking activities saw the HSI closing almost 100 points lower following a decent run-up recently," he added.
