KUALA LUMPUR: Bursa Malaysia gains during morning trading, mirroring the upbeat sentiment on Wall Street following the US Federal Reserve's remarks about potential rate cuts.
At 9.30am, FTSE Bursa Malaysia rose 0.28 per cent or 4.33 points, to 1,535.84 versus Wednesday's close of 1,531.51.
The benchmark index opened 0.19 of a point higher at 1,531.70.
The broader market was positive, with gainers leading decliners 309 to 244, while 356 counters remained unchanged.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the FBM KLCI weakened at the closing bell yesterday due to broad-based selling to remain just above the 1,530 mark as investors remain sidelined.
"Nonetheless, we reckon the local bourse will experience a rebound today, taking cue from the better performance in the US; hence, expect the index to trend within the 1,530–1,540 range.
"Meanwhile, crude palm oil price trended above the RM4,000/tonne that may see sustained interest in the plantation sector," he noted.
On the global front, Thong added that the share prices of regional banks swung wildly following New York Community Bancorp's US$1 billion capital raising, despite Wall Street's improved performance.
As such, the Dow Jones Industrial Average gained 76 points while the Nasdaq added 92 points as the US 10-year yield slid to 4.108 per cent.
In Hong Kong, the Hang Seng Index rebounded by 275 points, led by the tech sector, as foreign fund outflows slowed after disappointments over China's recent stimulus package.