KUALA LUMPUR: Bursa Malaysia opened higher on Wednesday tracking Wall Street's positive performance as traders expect the Federal Reserve to cut rates in September.
At 9.15am, FTSE Bursa Malaysia (FBM) KLCI rose 0.31 per cent or 5.09 points to 1,631.05 versus Tuesday's close of 1,625.96.
The benchmark index opened marginally higher at 1,629.98.
Gainers led losers in the broader market at 433 to 189 while 412 counters remained unchanged.
The broader index was also a sea of green.
FBM100 added 0.4 per cent to 12,221.70, FBM Emas gained 0.4 per cent to 12,651.71 and FBM Ace was up 0.42 per cent to 5,988.09.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the FBM KLCI failed to stay above the 1,630 mark at closing bell yesterday despite a strong start as sellers kept the uptrend at bay.
Buying activities were also sidelined due to the absence of strong catalysts, as reflected by the lower trading volume yesterday.
"Nonetheless, we expect the index to trend between the 1,625-1,635 range today taking cue from the robust Wall Street's overnight performance and heightened likelihood of a rate cut in September. "Meanwhile, gold prices surged to an all-time high on hopes of lower rates going forward," he said.
The US stock market rose as retail sales data supported the view that the Fed is approaching its easing cycle, reining in inflation while avoiding a recession.
The Dow Jones Industrial Average surged 743 points while the Nasdaq was up 37 points with the US 10-year yield easing to 4.158 per cent.