KUALA LUMPUR: Bursa Malaysia opened marginally higher in the morning as it struggles to find a direction following the mixed performance in US markets last Friday.
Wall Street closed on a mixed note as investors remained torn between weakening economic data and inflationary pressure.
Nonetheless, sentiment was buoyed by the US Federal Reserve stance that there will be no rate hike for now.
At 9.05 am, the FBM KLCI rose 2.28 points to 1,602.95 compared to Friday's close of 1,600.67.
The barometer index opened 1.63 points better at 1,602.30 while gainers outpaced decliners 263 to 135, while 323 counters were unchanged, 1,629 untraded and 27 others suspended.
Turnover amounted to 200.60 million units worth RM111.84 million.
Tradeview Capital Sdn Bhd fund manager Neoh Jia Man said the market momentum will be largely driven by the ongoing earnings season, which is ramping up.
"Meanwhile, sentiment will likely remain cautious ahead of the release of key US inflation data on Wednesday," he told Business Times.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said sentiment was further boosted from talks that dividend tax may be scrapped on Hong Kong listed shares.
"The FBM KLCI remains in consolidation mode as the index ended flat at just above the 1,600 level.
"We believe buyers should return after recent bouts of correction and thus expect the index to hover between the 1,600-1,610 with a strong upside bias today," said Thong.