KUALA LUMPUR: Bursa Malaysia started the trading week higher trailing Wall Street's positive performance which was supported by Nasdaq amid interests in artificial intelligence.
At 9.30am, FTSE Bursa Malaysia KLCI rose 0.56 per cent or 8.62 points to 1,546 points versus Friday's close of 1,538.02.
The key index opened 1.08 per cent or 0.07 points higher at 1,539.10.
The broader market was also positive with gainers surpassing decliners 332 to 301 while 355 counters remained unchanged.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the FBM KLCI surprisingly performed quite badly to dip below the 1,540 level last week after a positive start as profit taking activities emerged despite some decent corporate earnings results.
"Nonetheless, we remain adamant that buying from foreign funds will persist thus expect the local bourse to stage a rebound and hover within the 1,540-1,550 range today.
"Meanwhile, we noticed that daily volume traded has been improving over the last few days, illustrating better retail participation," said Thong.
On the global front, the Dow Jones Industrial Average gained 91 points, both the Nasdaq and S&P 500 tested record highs adding 183 points and 41 points respectively.
"Record chasing Wall Street closed on another high as sentiment remains very much entrenched in the AI frenzy," he said.
In Hong Kong, Thong added the Hang Seng Index closed higher as traders are betting that Chinese authorities will inject more stimulus following another dip in manufacturing activities for February.