KUALA LUMPUR: Bursa Malaysia opened higher tracking Wall Street's record high performance as traders were convinced that the US economy is set for a soft landing due to lower unemployment rate.
At 9.10am, FTSE Bursa Malaysia (FBM) KLCI was up 0.39 per cent or 6.42 points to 1,672.07 versus Thursday's close of 1,665.65.
The key index opened 5.03 points higher at 1,670.68.
The broader market saw gainers led losers 435 to 104 while 272 counters were unchanged.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the FBM KLCI closed higher yesterday mainly due to late buying activities after a slow start.
"The strong momentum can also be attributed to the broad rally across the Asean region. "For today, we expect the index to hover within the 1,665-1,680 range. Meanwhile, the Ringgit continues to strengthen against the USD currently trending at 4.21 or around a 30-month high," he said in a note.
FBM100 added 0.59 per cent to 12,187,81, FBM Emas gained 0.68 per cent to 12,488.71 and FBM Ace rose 1.82 per cent to 5,179.38.