KUALA LUMPUR: Bursa Malaysia experienced a modest dip at the opening earlier today but recovered as some cautious buying and profit-taking occurred, influenced by Wall Street's positive momentum.
At 9:15 am, the FTSE Bursa Malaysia (FBM) KLCI inched by 0.02 per cent or 0.30 points, reaching 1,442.27 compared to the previous Friday's closing at 1,441.97.
The key index initially started 0.65 points lower at 1,441.32.
Advancers outnumbered decliners with 197 gaining against 174 losing, while 278 counters stayed unchanged, and 1,682 were not traded, with 23 suspended.
The total turnover reached 315.76 million units valued at RM201.36 million.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said Wall Street trended broadly higher as traders looked at the Federal Reserve's reaction to a slew of positive economic data.
"The higher-than-expected job data coupled with improving consumer sentiment may indicate that the US economy will be recessionary for now.
"Over in Hong Kong, the HSI ended slightly lower as sentiment remains affected by China's import contraction, reducing the appetite for Hong Kong equities.
"Back home, the FBM KLCI closed on a flat note to stay just above the 1,440 level due to the lack of catalysts and regional weaknesses, especially from China, and the possibility that Japan may reverse its low-interest rate policy," said Thong.
He added that the expectations of bargain-hunting and window-dressing activities are still absent but may emerge anytime soon.
"Nonetheless, we noticed the market's undertone is still cautious. Hence, we do not anticipate a strong run-up. As such, we reckon the index will hover within the 1,440–1,450 range today," he added.