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Bursa Malaysia opens higher on possible US rate cut in November

KUALA LUMPUR: Bursa Malaysia opened higher on Thursday tracking Wall Street's upbeat momentum as sentiment was buoyed by expectations of another, albeit smaller, rate cut in November by the US Federal Reserve.

At 9.30am, FTSE Bursa Malaysia (FBM) KLCI was up 0,23 per cent or 3.76 points to 1,638.67 versus Wednesday's close of 1,634.91.

The benchmark index opened at 1,639.75.

Gainers led decliners in the broader market 330 to 260 while 371 counters were unchanged.

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the local bourse remained stuck in its correction phase with the FBM KLCI closing flat yesterday following a choppy session.

He said sentiment remained cautious as depicted by the low daily volume.

"Looking ahead, we believe the trading pattern to improve slightly, taking cue from the more positive US market thus expect the index to hover within the 1,635-1,645 range today," he said in a note.

FBM100 added 0.27 per cent to 12,001.44, FBM Emas was up 0.26 per cent to 12,301.81 and FBM Ace rose 0.16 per cent to 5,168.17.

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