KUALA LUMPUR: Bursa Malaysia opened slightly higher today despite the rebound in the U.S. market last Friday.
At 9:15 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 0.33 of a point to 1,555.58 from last Friday's close of 1,555.25.
The benchmark index opened 1.53 points higher at 1,556.78.
On the broader market, gainers outpaced decliners 278 to 203 while 327 counters were unchanged.
Turnover amounted to 390.78 million units worth RM147.41 million.
Wall Street rebounded as traders decided to cheer on the strong job data and ignore the prospects of more delay in interest rates cut for the time being.
Tradeview Capital fund manager Neoh Jia Man said the knee-jerk effect following news on Saudi Aramco's suspension of jack-up rig contracts last week further contributed to this decline, in our view.
"Overall, we anticipate trading volume on the local market to remain subdued this week due to the festive holidays," he told Business Times.
Hari Raya falls on April 10th and 11, 2024 this year.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the FBM KLCI maintained its resilience to end positively on Friday despite the weak regional performance.
"Despite the positive reaction from Wall Street, we believe sentiment to stay cautious hence expect the index to hover within the 1,550-1,560 range today.
"Buying interests should shift to the energy sector in line with the solid Brent crude price that closed above the US$91 per barrel level," he added.