KUALA LUMPUR: Bursa Malaysia started the day on an upward trend, driven by slight bargain-hunting activities following five consecutive days of decline.
At 9.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) index increased 1.95 points to 1,450.10 from Monday of 1,448.15.
The key index opened 2.04 points higher at 1,450.19.
On the broader market, gainers outnumbered losers at 134 compared to 133, while 236 counters remained unchanged. Turnover stood at 282.34 million units valued at RM54.20 million.
Rakuten Trade equity research vice-president Thong Pak Leng said the FBM KLCI closed below the 1,450 level as trading remained lacklustre due to the lack of fresh catalysts coupled with weak performances across the region.
Nonetheless, he anticipates bargain hunting activities to emerge after five days of consecutive decline.
"Hence, we expect the index to hover within the 1,445 to 1,455 range today," he told Business Times.
Thong added that Wall Street closed marginally lower as traders took a breather following a solid performance this month.
He said as such, the Dow Jones Industrial (DJI) Average lost 57 points (0.16 per cent) while the Nasdaq ended 10 points lower (0.07 per cent) with the US 10-year yield dipping to 4.39 per cent. "Despite warnings from major retailers that consumer spending is weakening, many took this as a positive sign that the Federal Reserve's tightening may have achieved the desirable effects in slowing inflation," he noted.
Over in Hong Kong, Thong said the Hang Seng Index HSI declined 34 points (0.2 per cent) as sentiment remain cautious ahead of China's economic report which should suggest a slowdown from the lack of stimulus.
Meanwhile, he said China's electric vehicle (EV) giant BYD shares tumbled amid a price war amongst the EV makers.