KUALA LUMPUR: Bursa Malaysia opened on a positive note, reflecting gains from Wall Street, as traders grew confident of a rate cut next month following the release of minutes from the Federal Reserve's last meeting.
At 9:16am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 0.13 per cent, adding 2.08 points to reach 1,637.40 from Wednesday's close of 1,635.32.
The broader market was also positive, with 290 gainers outpacing 257 losers, while 308 counters remained unchanged.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng mentioned that the FBM KLCI continued its downward trend due to ongoing profit-taking activities after Monday's sharp gains.
However, he observed that the index managed to close above the critical 1,630 level, and cautioned that if the level is breached, it could trigger another potential consolidation phase.
"Therefore, it is pivotal that buying activities return to avoid such an incident occurring. Thus, we expect the index to hover within the 1,630-1,640 range today," he said.