KUALA LUMPUR: Bursa Malaysia opened higher despite Wall Street's mixed performance, as investors awaited key US data on consumer income and spending for insights into the Federal Reserve's interest rate decisions.
At 9.22am, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 0.21 per cent or 3.31 points to 1,588.69 compared to yesterday's closing at 1,585.38.
The broader market was positive as gainers led losers by 250 to 420, while 395 counters remained unchanged.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng suggested that the market decline presents a chance for investors to discover undervalued stocks, with the FBM KLCI falling amid cautious investor sentiment and a scarcity of purchasing triggers.
"However, we exercise caution due to increasing market volatility and expect the benchmark index to consolidate until more clarity emerges.
"Therefore, we anticipate the benchmark index to range between 1,580 and 1,590 today," he added.
On the regional index, Thong noted that Nvidia's stock rebounded on Tuesday after several days of decline, helping the tech-heavy Nasdaq to rise by 1.3 per cent.
The S&P 500 closed 0.4 per cent higher as well while the Dow eased 0.8 per cent mainly due to selling on consumer stocks.
"Hong Kong stocks recovered stability, raising the Hang Seng Index by 0.25 per cent following three days of significant losses, as Mainland Chinese and European ministers initiated dialogue on tariffs for Chinese electric vehicles," he added.