KUALA LUMPUR: Bursa Malaysia began Thursday on a positive note, rebounding from the previous day's decline, as investors engaged in bargain hunting.
This came in anticipation of the upcoming announcement from Bank Negara Malaysia's monetary policy committee later in the day.
At 9.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 3.09 points to 1,673.33, up from Wednesday's close of 1,670.24.
The key index opened 0.31 points higher at 1,670.55.
On the broader market, gainers outnumbered decliners 150 to 126, with 239 counters unchanged.
Turnover was at 122.28 million units valued at RM84.87 million.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said there are some bargain hunting activities on blue chips as the index seems to be well supported at current levels.
Therefore, he expects the index to hover within the 1,670-1,680 range today.
"Crude oil prices continue to decline over the weakening demand, especially from China, resulting in the Brent crude price now trading below the US$73 per barrel," he told Business Times.
Meanwhile, Thong noted that the Wall Street closed mixed as traders stayed sidelined ahead of the employment report tomorrow.
As such, he said while the Dow Jones Industrial Average (DJIA) added 38 points, the Nasdaq dipped 52 points as the US 10-year yield continues to ease, now hovering at 3.757 per cent.
"Over in Hong Kong, the Hang Seng Index (HSI) slipped by almost 200 points to end at a two-week low as sentiment remains very much attuned to developments in the US.
"Energy-related stocks in Hong Kong led the declines amid the weakness of crude oil prices," he added.