KUALA LUMPUR: Bursa Malaysia opened firm on the back of small gains in the US market overnight with an anticipation of further softening of US inflation, ahead of the release of US CPI data Wednesday.
At 9.17am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.96 points to 1,386.02 from 1,383.06 at Monday's close.
Tradeview Capital fund manager Neoh Jia Man said indications of further policy support to the Chinese property market will be supportive to the regional markets.
"We expect Bursa Malaysia to trade higher today in tandem with the favourable sentiment across the region," he told New Straits Times.
For today, analysts anticipate the index to trend within the 1,375-1,385 range with the telecommunications sector to experience some bargain hunting activities following persistent decline last week.
Hong Leong Investment Bank said prior to the state polls on 12 August, FBM KLCI is likely to trend range bound with key supports between 1,350-1,369 while resistance at 1,400-1,418 levels.
"Cautious sentiment is likely to stay for longer as investors recalibrate, prevalent risk of global economic slowdown in wake of the central banks' tightening policy amid sticky inflation, US-China tensions, continued ringgit weakness and unabating foreign outflows," it said in a note today.