KUALA LUMPUR: Bursa Malaysia showed a slight improvement on Wednesday, gaining 0.13 per cent at opening, following a subdued trading day on Tuesday.
At 9.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 1.95 points to 1,452.73 from Wednesday's close of 1,450.78.
The FBM KLCI opened 1.59 points better at 1,452.37.
On the broader market, gainers outnumbered losers 121 to 91, while 273 counters were unchanged.
Turnover amounted to 137.75 million units worth RM52.47 million.
Malacca Securities Research said the FBM KLCI extended the consolidation phase with further profit taking activities emerging within the index heavyweights.
However, the US stock markets continued to charge higher led by the technology sector in anticipation of at least three rate cuts by the Federal Reserves in 2024.
"This is in line with our view that given the US gross domestic product (GDP) is still growing in third quarter of 2023 (3Q23) and the inflation data came in within expectations last month, we believe the Fed will be staying less hawkish for the near term," it said in its daily market review.
The firm remains optimistic in the final trading week of the year, anticipating that window dressing activities may emerge and push the FBM KLCI higher
"We are still expecting buying support to return within the technology sector in view of the strong rally in the US.
"Also, we like the Johor-theme coupled with the potential revival of the mega infrastructure projects next year, which may provide an upside move towards the construction, properties, building materials as well as the utilities sectors.
"We favour the consumer sector in view of normalising costs and the ongoing recovery theme post Covid-19 environment," it added.