KUALA LUMPUR: Bursa Malaysia opened higher on Monday, driven by increased buying interest across most sectors.
At 9.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 2.39 points to 1,538.46 from last Friday's close of 1,536.07.
The benchmark index opened 1.43 points higher at 1,537.50.
On the broader market, gainers outnumbered decliners 224 to 126, while 314 counters were unchanged.
Turnover amounted to 160.24 million units worth RM62.56 million.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the FBM KLCI managed to close higher aligned with the positive regional performances last week despite some strong selling during the afternoon session.
"We noticed there were strong buying interests among the financials and telcos late in the session that helped prop the index up. "For today, we believe sentiment to remain uninspiring thus expect the index to hover within the 1,530-1,540 range," he told Business Times.
Meanwhile, Thong noted that the crude palm oil (CPO) continued with its uptrend at around the RM4,200 per tonne in line with the strength of other edible oils.
As for crude oil, he said the Brent crude closed at US$87 per barrel amid a better economic environment and production cuts by Organisation of the Petroleum Exporting Countries (OPEC) and many anticipate the price to surpass US$90 per barrel soon.