KUALA LUMPUR: Bursa Malaysia opened marginally higher today, buoyed by the overnight performance of the U.S. markets, with the S&P 500 and Nasdaq closing at historic highs.
At 9.12 am, the FBM KLCI added 0.18 per cent or 3.02 points to 1,618.34 from Monday's close of 1,615.32. The benchmark index opened 0.64 of a point firmer at 1,615.96.
On the broader market, gainers surpassed losers 252 to 188, with 388 counters unchanged, 1,575 untraded and six suspended.
Turnover stood at 426.48 million units worth RM231.72 million.
Tradeview Capital fund manager Neoh Jia Man said trading sentiment in the local market is likely to remain bullish today, given the improving prospects of rate cuts following comments by Fed chair Jerome Powell.
"We believe the Energy sector could lead due to gains in crude oil prices, while the Technology and Industrial sectors are also expected to perform well in light of the strong performance of U.S. tech majors and easing rate expectations," he told Business Times.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the FBM KLCI surged to a 1-month high yesterday supported by stock accumulation across the board.
"We believe the local bourse may have emerged from its consolidation phase hence expect the index to play catch-up and trend within the 1,615-1,630 range today," he said.
"Meanwhile, crude oil prices are firmer due mainly to lower inventory as Brent inches towards the USD88/barrel level," he added.-ends-