KUALA LUMPUR: Bursa Malaysia opened higher today, buoyed by the strong close on Wall Street last Friday and optimism surrounding the outlook for the 2025 Budget.
At 9.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was up by 4.22 points to 1,637.77, compared with Friday's close of 1,633.55.
The benchmark index started 3.62 points higher at 1,637.17.
On the broader market, gainers outnumbered losers 150 to 113, while 260 counters remained unchanged.
Turnover stood at 133.33 million units, valued at RM58.15 million.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the FBM KLCI remains in a consolidation phase, and he anticipate this trend to persist into the week unless new catalysts arise.
"Investors are urged to remain cautious until the market's direction becomes more evident. "As such we anticipate the benchmark index to trend within the range of 1,630-1,640 for today," he told Business Times.
Meanwhile, Thong said Wall Street finished on a high note last Friday, driven by solid bank earnings that lifted financial stocks, while inflation data fueled anticipation of a Federal Reserve rate cut in November.
He noted that confidence is building among investors that the US economy will achieve a soft landing, with inflation concerns easing after producer price index (PPI) data revealed core and final demand were lower than anticipated, despite a modest rise in consumer price index (CPI).
"In Asia, major indices ended broadly lower due to profit-taking activities amid rising tensions in the Middle East. "Meanwhile, China's Finance Minister Lan Foan delivered positive news, stating that 2.3 trillion yuan (US$325.5 billion) in special bonds will be issued in the next three months to uplift the economy. "The Hong Kong market was closed for public holiday," he added.