KUALA LUMPUR: Bursa Malaysia continued its momentum from last Friday to open higher, bucking Wall Street's subdued performance.
At 9.20am, FTSE Bursa Malaysia (FBM) KLCI was up 0.36 per cent or 5.29 points to 1,492.63 versus Friday's closing of 1,487.34.
The key index opened 0.94 of-a-point higher at 1,488.28.
The broader market was also positive with FBM100 and FBM Emas adding 0.30 per cent to 10,794.38 and 11,150.57 respectively and FBM Ace gained 0.08 per cent to 5,385.81.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said, the FBM KLCI closed higher last week due to some bargain hunting activities after the index declined from the 1,500 level.
"We expect accumulation of stocks to persist after the intermittent correction the last few days and see the index to hover within the 1,485-1,495 with the 1,500 being the psychological resistance level," he added.
On the global front, Thong said Wall Street closed mixed following weaker than expected banks earnings amid a lower inflation reading.
While the US producer price index fell in December, earnings from some prominent banks came in short hence the 118 points decline in the Dow Jones Indusrial Average.
"Meanwhile, higher expectations of a rate cut saw the US 10-year yield dip to 3.939 per cent. In Hong Kong, the Hang Seng Index continues to slide after China's consumer price index fell for the 3rd straight month pivoting the worst start for Hong Kong equities since 2016."