KUALA LUMPUR: Bursa Malaysia opened marginally higher as bargain hunters pushed stocks up after knee jerk selling yesterday.
At 9.11am, FTSE Bursa Malaysia (FBM) KLCI was up 0.14 per cent or 2.22 points to 1,537.22 versus Tuesday's close of 1,535.
The key index opened 0.05 points higher at 1,535.05.
The broader market saw gainers led losers 299 to 132 while 285 counters were unchanged.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the FBM KLCI saw more selling on blue chips possibly by foreign funds as the index dipped below the 1,540 mark. "The selling was broad-based in line with the regional bloodbath.
We believe yesterday's selling was more of a knee jerk reaction to the escalation tension in the Middle East amid the flight of funds to other asset classes. "Therefore, we believe some bargain hunting activities to emerge anytime soon and expect the index to trend within the 1,530-1,540 range today," he said in a note.
On the global front, Wall Street ended mixed amid a choppy session as sentiment remained cautious whereby traders are trying to balance the narratives on interest rates coupled with the tension in the Middle East.
The Dow Jones Industrial Average gained 64 points, the Nasdaq lost 20 points as the US 10-year yield inched higher at 4.66 per cent.
In Hong Kong, Thong said the Hang Seng Index slumped to hover precariously just above the 16,000 level as China's higher than expected economic growth for the first quarter of 2024 failed to convince investors as both the retail and industrial output data came in lower than anticipated.