KUALA LUMPUR: Bursa Malaysia opened on firm ground, with the return of foreign funds to the stock market.
At 9:21 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 7.93 points or 0.5 per cent to reach 1,588.23, compared to the previous day's closing of 1,580.30.
The overall market sentiment remained upbeat, with more gainers (368) than losers (205), while 383 counters maintained their previous positions.
Rakuten Trade vice president of research Thong Pak Leng stated that the prospects for domestic stocks remain optimistic, driven by the ongoing influx of foreign funds into the area.
"Hence, we anticipate the FBM KLCI to trend within the range of 1,580-1,590 for today," he said.
Wall Street ended on a positive note following comments from US Federal Reserve Chair Jerome Powell, who indicated a reduced probability of an interest-rate increase, easing concerns for investors.
"Furthermore, the US central bank revealed its strategy to slow down the pace of its balance sheet drawdown starting on June 1, aiming to prevent any excessive strain on financial markets."As a result, the Dow Jones Industrial (DJI) Average finished 0.85 per cent higher, ending above the 38,800 mark, while the tech-heavy Nasdaq jumped 1.51 per cent, closing in on the strong resistance level of 16,000," he added.
The Hang Seng Index (HSI) surged by 2.5 per cent, closing at 18,000 points, driven by robust purchasing activity in the electric vehicle (EV) and real estate segments, leading to significant gains in Hong Kong stocks.