KUALA LUMPUR: Bursa Malaysia opened higher today, as most heavyweights rebounded from losses due to broad demand across sectors and a second-straight day of record high closes in the US markets.
The S&P 500 and Nasdaq's highs were helped by a gain of more than 7 per cent in Apple.
US consumer price data and a policy announcement from the Federal Reserve are expected this week.
At 9.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 5.76 points to 1,617.25 from Tuesday's close of 1,611.49.
The FBM KLCI opened 5.14 points higher at 1,616.63.
On the broader market, gainers outnumbered decliners 285 to 174, while 366 counters remained unchanged.
Turnover stood at 402.86 million units worth RM164.73 million.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the FBM KLCI failed to maintain its strong opening previously as late selling saw the index closing lower.
Nonetheless, he said the firm noticed some muted accumulation on stocks.
"Thus, expect the index to hover between the 1,605-1,615 range today," he told Business Times.
Meanwhile, Thong said Wall Street closed on a mixed note as traders are waiting for the inflation data out later today coupled with the Federal Reserve outlook on interest rates.
He said as a result, the Dow Jones Industrial Average (DJIA) lost 121 points while the Nasdaq jumped by 151 points largely thanks to Apple that saw share price soar amid optimism of its new artificial intelligence (AI) feature.
"The US 10-year yield eased slightly to 4.402 per cent."In Hong Kong, the Hang Seng Index (HSI) fell as traders turned cautious on rates in the US after a strong job data last week.
"There was also a sell-down on electric vehicle (EV) manufacturers following statements from Turkiye of imposing tariffs on Chinese EVs," he added.