Bursa Malaysia opens higher tracking Wall Street gains
KUALA LUMPUR: Bursa Malaysia opened higher on Monday, tracking Wall Street's gains after softer US payroll growth eased expectations of an immediate Federal Reserve rate increase.
At 9.10am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 5.01 points, or 0.31 per cent, to 1,635.88 from last Friday's close of 1,630.87.
The index opened 2.55 points higher at 1,633.42.
On the broader market, gainers surpassed losers 224 to 158, with 337 counters unchanged, 2,054 untraded and 24 suspended.
Turnover stood at 206.30 million shares worth RM98.78 million.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the US 10-year yield remained elevated at 5.28 per cent and Brent crude oil settled at US$102.25 per barrel, keeping sentiment sensitive to interest rates and West Asia developments.
"Over in Hong Kong, the Hang Seng Index slipped below 24,000 as financial and technology shares weakened.
"Back home, following FBM KLCI's higher close last Friday, we anticipate tentative stabilisation within 1,625-1,635 today, with bargain hunting offering some support amid a cautious market undertone," he told Bernama.
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