KUALA LUMPUR: Bursa Malaysia was higher today, as investors await the US Federal Reserve's interest rate decision is scheduled for tomorrow.
At 10.35am, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 0.0 per cent or 8.7 points to 1,660.85 from Friday's close of 1,652.15.
The key index opened 2.16 points stronger at 1,654.31.
The local bourse was closed yesterday for Malaysia Day.
On the broader market, gainers just managed to outnumber losers 386 to 348, with 346 counters unchanged.
Turnover was at 1.2 billion shares worth RM964 million.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said last Friday, the FBM KLCI closed positively depicting persistent accumulation by foreign funds.
However, he said daily volume traded remained low at below the 3 billion shares threshold.
"Nonetheless, in view of the Federal Reserve's cutting rate this week, we should see more foreign funds channeling their flows into the region."Thus, we expect the index to hover within the 1,650-1,660 range today," he told Business Times.
Meanwhile, Thong noted that Wall Street closed mixed ahead of the much touted rate cut tomorrow.
He said while the Dow Jones Industrial Average (DJIA) added 228 points, the Nasdaq was down 92 points mainly due to Apple's decline amid concerns over the sales of its iPhone 16.
He added that the US 10-year yield eased to 3.618 per cent.Over in Hong Kong, Thong said the Hang Seng Index (HSI) reversed earlier losses as sentiment improves on hopes that more stimulus may be in the offing from China.
"This is following a spate of lacklustre economic data in addition to the imminent rate cut by the Federal Reserve this week," he noted.