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Bursa Malaysia opens higher as investors wait for US Fed testimony on economy 

KUALA LUMPUR: Bursa Malaysia opened higher on Tuesday despite Wall Street's mixed performance, as investors awaited the US Federal Reserve's semi-annual testimony on economic growth and monetary policy.

At 9.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.04 points to 1,615.06 from Friday's close of 1,611.02.

The benchmark index opened 6.12 points stronger at 1,617.14.

On the broader market, gainers led decliners 205 to 127, with 377 counters unchanged.

Turnover was at 153.56 million units worth RM88.03 million. 

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng expect buyers to emerge after a spate of late selling last Friday. 

Nonetheless, he believes that sentiment may remain cautious following a weak regional performance yesterday.

"Thus, we anticipate the FBM KLCI to trend within the 1,610-1,620 range today," he told Business Times. 

Meanwhile, Thong said Wall Street closed on a mixed note with the Dow Jones Industrial Average (DJIA) ended in negative territory as both the Nasdaq and S&P 500 touched new record highs. 

He added that traders are looking forward to the inflation data later this week amid elevated expectations that the Federal Reserve will cut rates twice this year

"As a result, the DJIA ended lower by 31 points while the Nasdaq added 51 points with the US 10-year yield inching marginally higher at 4.279 per cent.

"Over in Hong Kong, the HSI ended in negative territory despite a strong opening on concerns over the escalation of trade war between China and the European Union (EU)," he noted.

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