KUALA LUMPUR: Bursa Malaysia opened lower today after the FTSE Bura Malaysia KLCI (FBM KLCI) jumped one per cent yesterday.
The benchmark index opened 0.37-a-point lower 1,476.89 today, after closing at an 11-month high of 1,477.26 points yesterday.
On the broader market, losers slightly outpaced gainers 165 to 158, while 297 counters were unchanged.
As at 9.39 am today, however the FBM KLCI was back up by 4.08 points to 1,481.34 points.
Gainers also led losers 359 to 246, with 346 counters unchanged, on the broader market.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng expects the FBM KLCI to continue its uptrend after finally coming back to life from the influx of buyers on a broad based basis yesterday.
"The index managed to break above the 1,465 mark to close in on the 1,480 level hence we reckon the uptrend seems sustainable," he said.
"As such, we expect the index to trend between the 1,475-1,485 range today as accumulation on the big caps continues," added Thong.
Tradeview Capital fund manager Neoh Jia Man however thinks the market is set for consolidation today, driven by profit-taking, after the robust two-day rally.
"Nevertheless, our confidence in the longer-term prospects of the domestic market persists, supported by its attractive valuation and the rollout of fiscal reforms," he told Business Times.
On the global front, Wall Street closed mixed as sentiment remains cautious on interest rates and the stretched valuations of US equities.
The latest strong job data can be interpreted as the Federal Reserve may not lower interest rates anytime soon.