KUALA LUMPUR: Bursa Malaysia had a lower opening but later rebounded, influenced by renewed buying interest and mirroring the robust performance on Wall Street.
As of 9:08am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 0.89 points to 1,455.11 from the previous day's closing of 1,454.22.
The index had a slight dip at the opening, starting at 1,453.86, down by 0.36 points.
In the broader market, gainers outnumbered losers (161 to 125), while 264 counters remained unchanged, with 1,751 untraded and 86 suspended.
The total turnover was 278.08 million units, valued at RM83.64 million.
Malacca Securities Sdn Bhd said the Wall Street experienced upward momentum due to anticipations of a more accommodative approach from the US Federal Reserve, potentially leading to an interest rate cut in 2024.
"The Fed's interest rate hiking process has tamed the inflationary pressure without igniting the recession and is likely to push the markets higher in the near term.
"The dollar continues to fall, while the US 10-year bond yield declines further," it said in a note today.
The firm is optimistic that the positive sentiment in the US could positively impact local stocks, contributing to a potential rise in the FBM KLCI.
"On the commodity markets, Brent oil prices inched lower below the US$80 per barrel mark as oil inventories rose this week by 1.84 million barrels," it added.