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Bursa Malaysia opens higher in morning trade following Fed rate cut

KUALA LUMPUR: Bursa Malaysia opened higher on Monday following the US Federal Reserve massive interest rate cut.

The FTSE Bursa Malaysia KLCI (FBM KLCI) opened 1.09 points higher at 1,669.91 from Friday's close of 1,668.02.

Across the broader market, gainers led losers 229 to 155, with 321 counters unchanged, 1,822 untraded, and 30 suspended.

Turnover totalled 179.77 million units valued at RM128.79 million.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the market undertone seems to have improved in view of the higher volume traded that breached the four billion share mark. 

Thong expects buying activities to resume on the back of positive news regarding Yang di-Pertuan Agong's visit to China coupled with the Special Financial Zone encompassing Forest City with highly attractive tax incentives. 

"For today, we expect the index to hover within the 1,665-1,675 range. Meanwhile, the ringgit continues to strengthen against the US dollar, currently hovering at the 4.20 level," he said. 

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