KUALA LUMPUR: Bursa Malaysia opened on a positive note on Tuesday, taking cues from Wall Street's strong close, despite a soft start, as traders remain optimistic about a Santa Rally during the shortened trading week.
At 9:17 a.m., the FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 0.16 per cent, gaining 2.59 points to reach 1,598.79, up from its previous close of 1,596.20.
The broader market showed a positive trend, with 237 losers outpacing 220 gainers, while 342 counters remained unchanged.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the FBM KLCI attempted to surpass the 1,600 mark on Monday but was unsuccessful, likely due to indications of foreign selling in the local market.
"Nonetheless, we are heartened that the selling is more subdued as illustrated by the low daily volume of only 2.4 billion shares."For today, we expect a muted trading day hence expect the index to hover between the 1,595-1,605 range," he said.