KUALA LUMPUR: Bursa Malaysia opened higher on Tuesday, despite expectations that traders may become cautious ahead of upcoming US data.
US job data is expected to influence whether the US Federal Reserve opts for a small or large interest rate cut.
As of 9:33 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 0.29 per cent, gaining 4.91 points to reach 1,683.10, up from Monday's close of 1,678.19.
The broader market maintained a positive sentiment, with gainers outnumbering losers at 418 to 252, while 357 counters remained unchanged.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the FBM KLCI closed flat yesterday as the market attempted to absorb Friday's strong performance.
He said the market's underlying tone may have become more cautious, as indicated by the drop in daily trading volume, with most traders staying on the sidelines.
"Therefore, we expect the index to possibly hover within the 1,680-1,690 range today. "Meanwhile, we believe stock accumulation by foreign funds will persist especially after a rather decent third quarter 2024 (3Q24) corporate earnings season that may instigate some upgrades in earnings growth for calendar year 2024," he added.