KUALA LUMPUR: Bursa Malaysia, which hit a three-year high yesterday, continued to rise this morning, supported by ongoing buying interest and a positive Wall Street performance overnight.
At 9:15am, the FTSE Bursa Malaysia KLCI (FBM KLCI) increased by 0.20 points to 1,630.02 from Monday's close of 1,629.82.The index opened 1.91 points higher at 1,631.73.
On the broader market, gainers led decliners 294 to 276, with 376 counters unchanged.
Turnover stood at 466.55 million units worth RM210.97 million.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the FBM KLCI performed strongly despite failure to stay above the 1,630 mark. Nonetheless, he noticed buyers are returning as daily volume surpassed the 5 billion shares mark thus expect prevailing uptrend to persist.
"For today, we anticipate the index to possibly break the 1,630 level decisively and hover within the 1,630-1,640 range," he told Business Times.
Meanwhile, Thong said Wall Street closed on another record high following a failed assassination attempt on Trump and that funds are broadening to other stocks to sustain prevailing bull-run.
He added that Fed chair Jerome Powell stated that the Federal Reserve may not have to wait for inflation to hit two per cent to cut rates.